CANADA STOCKS-TSX little changed as investors await Yellen speech

Thu Aug 21, 2014 4:40pm EDT

* TSX down 5.86 points, or 0.04 percent, at 15,556.09
    * Seven of 10 main index sectors decline
    * Goldcorp, Barrick slip with bullion price

    By John Tilak
    TORONTO, Aug 21 (Reuters) - Canada's main stock index was
little changed on Thursday as investors awaited a speech from
U.S. Federal Reserve Chair Janet Yellen to scan for clues about
the central bank's outlook for interest rates.
    The market also processed figures showing a
bigger-than-expected drop in the number of Americans filing new
claims for unemployment benefits last week. 
    Further, separate surveys indicated a slowdown in business
growth in China and the euro zone. 
    Yellen is expected to address policymakers at an annual
meeting of central bankers and economists in Jackson Hole,
Wyoming that is underway. 
    The benchmark TSX, which hit a record high in the previous
session, is up about 14 percent this year. Some investors say
those gains could be followed by a pullback.
    "The market will be choppy untill it has a correction. I
think there's more downside than upside," said David Cockfield,
managing director and portfolio manager at Northland Wealth
Management.
    "I'm not long-term bearish, but I'm certainly short-term
bearish," he added. "(Fundamentals) are okay, it's just that we
need a little shakeout."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 5.86 points, or 0.04 percent, at 15,556.09.
Seven of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
climbed 0.6 percent, with Bank of Nova Scotia rising
0.4 percent to C$73.80 and Toronto Dominion Bank adding
0.6 percent to C$57.90. 
    Shares of energy producers received a lift from higher crude
oil prices. Suncor Energy Inc was up 0.2 percent at
C$43.75, and Canadian Natural Resources Ltd advanced
0.6 percent to $46.43.
    The gold-mining sector dropped with the bullion price.
Goldcorp Inc shed 3.5 percent to C$30.05 and Barrick Gold
Corp declined 1.8 percent to C$20.18.

 (Editing by Bernadette Baum and Meredith Mazzilli)
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