CANADA STOCKS-TSX slips as Ukraine, oil-price drop spur anxiety

Wed Aug 13, 2014 11:23am EDT

Related Topics

* TSX down 21.74 points, or 0.14 percent, at 15,252.49
    * Eight of the 10 main index sectors decline
    * Black Diamond drops after reporting results
    * Badger Daylighting is biggest percentage decliner

    By John Tilak
    TORONTO, Aug 13 (Reuters) - Canada's main stock index
slipped in volatile trading on Wednesday as concerns about the
crisis in Ukraine weighed on sentiment and weakness in the price
of U.S. crude oil was a drag on the shares of energy producers.
    Investors digested news that Ukraine had denounced Russia's
dispatch of a humanitarian aid convoy as an act of unbounded
cynicism, while the United Nations said the death toll in
fighting had doubled in the last two weeks. 
    Worries about Ukraine as well as crises in the Middle East
have led to volatile trading on the Toronto stock market over
the past few weeks.
    Investors are wondering if "this is the beginning of a real
bear market or (if) this is just seasonal choppiness?" said
Keith Richards, portfolio manager and technical analyst at
ValueTrend Wealth Management.
    "We are very ripe for some sideways or corrective activity,"
he added. "You need to bring people back to reality. You want
people to be positive about the market but not irrational about
it."
    Richards said that while he expects the corrective phase to
affect the market in the short term, he is bullish about the
long-term prospects for Canadian equities.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 21.74 points, or 0.14 percent, at 15,252.49.
Eight of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
declined 0.2 percent, with Toronto-Dominion Bank 
slipping 0.2 percent to C$56.54. 
    Shares of energy producers dropped in choppy trade as the
U.S. crude oil price fell. Canadian Natural Resources Ltd
 lost 0.6 percent to C$45.45, and Encana Corp 
gave back 1.3 percent to C$23.39.
    The gold-mining sector advanced 0.3 percent, as the bullion
price rose. Goldcorp Inc was up 1 percent at C$31.81.
    Black Diamond Group Ltd dropped 4.2 percent to
C$28.51 after the energy services provider reported quarterly
results late on Tuesday.
    Secure Energy Services Inc shot up 14.6 percent to
C$27.58, after several brokerages raised their price targets on
the stock a day after the company reported quarterly results.
    Badger Daylighting Ltd tumbled 16.7 percent to
$29.88 after it reported quarterly results. The stock showed the
biggest percentage decline on the index. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway)
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