CANADA STOCKS-TSX slips on Ukraine crisis; CP Rail jumps

Thu Jul 17, 2014 4:52pm EDT

* TSX down 21.86 points, or 0.14 percent, at 15,204.48
    * Eight of 10 main index sectors decline
    * CP Rail hits all-time high after results
    * Loblaw slips after management change

    By John Tilak
    TORONTO, July 17 (Reuters) - Canada's main stock index
dipped slightly on Thursday as gains in shares of Canadian
Pacific Railway Ltd and gold miners were offset by broad
weakness spurred by developments in the Ukraine crisis.
    CP Rail climbed 2.3 percent to a record high after reporting
an increase in second-quarter earnings as it worked to recover
from backlogs and a harsh winter. The shares closed at C$202.33.
 
    The market eased from an all-time high it hit earlier in the
session after concerns grew about the implications of a wave of
sanctions that Western powers imposed on Russia. 
    Further, a Malaysian airliner was brought down over eastern
Ukraine, killing all 295 people aboard. 
    Also working into the mix were figures that showed the
number of Americans filing new claims for unemployment benefits
fell unexpectedly last week. But U.S. data also showed a drop in
housing starts and building permits last month. 
    "The Ukraine/Russia situation has once again come to the
forefront. We've seen a bit of a flight to safety," said Elvis
Picardo, strategist and vice president of research at Global
Securities in Vancouver.
    The Canadian benchmark index has gained about 12 percent
this year, driven by a rally in shares of oil and gas companies
and gold miners.
    "There has been a sea change in the sentiment for the TSX,
and it could continue to benefit from its leverage to global
growth," Picardo said.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 21.86 points, or 0.14 percent, at
15,204.48, after touching a record high of 15,269.39 earlier in
the session.
    Eight of the 10 main sectors on the index were in the red on
Thursday.
    Shares of energy producers gave back 1.2 percent, shrugging
off a higher U.S. crude oil price. Canadian Natural Resources
Ltd dropped 1.4 percent at C$47.45.
    Financials, the index's most heavily weighted sector,
slipped 0.2 percent, with Bank of Nova Scotia losing
0.5 percent to C$72.89.
    The gold-mining sector soared with the bullion price.
Goldcorp Inc rose 2.8 percent to C$30.26, and Barrick
Gold Corp added 1.7 percent to C$20.63.
    Loblaw Cos Ltd named Executive Chairman Galen Weston
president of the grocery chain, replacing Vicente Trius. The
stock fell 0.7 percent to C$48.96. 
    Shares of West Fraser Timber Co Ltd declined 3
percent to C$49.75, a day after the company reported quarterly
results. 
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway and James Dalgleish)
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