CANADA STOCKS-TSX steady as resources offset global growth fears

Wed Jun 11, 2014 4:44pm EDT

* TSX down 12.25 points, or 0.08 percent, at 14,892.13
    * Five of 10 main index sectors decline
    * Energy shares climb with oil prices

    By John Tilak
    TORONTO, June 11 (Reuters) - Canada's main stock index was
little changed on Wednesday as higher commodity prices helped
bolster the natural resource sectors, offsetting negative
sentiment fueled by a sluggish outlook for the global economy. 
    The prices of gold, silver, copper and oil edged higher,
driving up the producers of those resources.
    The World Bank on Tuesday trimmed its global growth
forecast, saying a confluence of events, from the Ukraine crisis
to unusually cold weather in the United States, dampened
economic expansion in the first half of the year.
 
    The Canadian benchmark, which recorded gains in each of the
previous eight sessions, is up more than 9 percent this year. 
    "It speaks to the underlying sense of bullishness and the
fact that investors are quite reluctant to sell in this
environment," said Elvis Picardo, strategist and vice president
of research at Global Securities in Vancouver.
    "I don't think sentiment has turned for the TSX yet," he
added. "But in the absence of any major catalyst, it's likely
that we could trade sideways to a little bit lower."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 12.25 points, or 0.08 percent, at
14,892.13. Five of the 10 main sectors on the index were in the
red.
    Financials, the index's most heavily weighted sector, were
down 0.4 percent. Bank of Nova Scotia lost 0.3 percent
to C$70.63, and Royal Bank of Canada gave back 0.5
percent to C$74.86.
    Shares of energy producers added 0.3 percent, reflecting
higher oil prices. Canadian Natural Resources Ltd rose
0.2 percent to C$46.24, and Suncor Energy Inc climbed
1.3 percent to C$44.20.
    The materials sector, which includes mining stocks, advanced
0.7 percent. Goldcorp Inc gained 1 percent to C$26.35,
and Barrick Gold Corp was up 0.8 percent, at C$17.86.

 (Editing by Meredith Mazzilli and Diane Craft)
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