CANADA STOCKS-Ukraine fears keep TSX flat as Tim Hortons, miners gain

Wed Aug 6, 2014 4:56pm EDT

* TSX up 14.38 points, or 0.09 percent, at 15,202.09
    * Six of the 10 main index sectors decline
    * Tim Hortons jumps 6 percent after results

    By John Tilak
    TORONTO, Aug 6 (Reuters) - Canada's main stock index closed
little changed on Wednesday as concerns that Russia might move
troops into Ukraine were offset by gains in shares of Tim
Hortons Inc and gold producers.
    NATO said Russia has massed about 20,000 combat-ready troops
on Ukraine's eastern border and could use the pretext of a
humanitarian or peacekeeping mission to invade. Russia also
announced another round of retaliatory sanctions against Europe
and the United States.  
    Further dampening the market's mood, figures showed Italy
slipped back into recession for the third time since 2008 in the
second quarter. 
    The Toronto stock market's benchmark index, which eased to a
three-week low earlier in the session, is down about 2 percent
since hitting a record high last week. 
    "Investors are starting to ask the question 'is this the
beginning of the big correction?'," said Adrian Mastracci,
portfolio manager at KCM Wealth Management.
    "You can't worry about when the bulls and the bears change
the chairs," he said, noting that investors should look to clean
up their portfolios during periods of high volatility. 
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 14.38 points, or 0.09 percent, at 15,202.09.
Six of the 10 main sectors on the index were in the red.
    The telecommunications sector dropped 0.7 percent, with BCE
Inc falling 1 percent to C$48.88 and Telus Corp
slipping 0.6 percent to C$37.95.
    Gold miners jumped 1.6 percent, mirroring a similar gain in
the price of bullion. Goldcorp Inc advanced 1.3 percent
to C$30.75, and Barrick Gold Corp climbed 1.4 percent
to C$20.05.
    Shares of Tim Hortons jumped 7.4 percent to C$64.52 after
the coffee and snacks chain posted a bigger-than-expected rise
in quarterly profit and said full-year earnings may top its
forecast. 
    Canaccord Genuity Group Inc's stock shed 8.9 percent
to C$11.36 after the company reported quarterly results late on
Tuesday.
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.