* TSX down 6.08 points, or 0.04 percent, at 14,673.73
* Six of the 10 main index sectors decline
* Sears Canada jumps as parent looks to sell stake
By John Tilak
TORONTO, May 14 Canada's main stock index was
little changed on Wednesday as a gain for gold miners on higher
bullion prices was offset by weakness in the energy sector,
while healthcare shares fell with Valeant Pharmaceuticals after
it said it would sweeten its takeover offer for Allergan Inc.
While digesting news that the European Central Bank was
preparing a package of policy options for its June meeting,
including cuts in all its interest rates, the Toronto market
still appeared to be searching for catalysts that could propel
It has climbed almost 8 percent already this year.
"Overall there seems to be an element of sector rotation
going on," said Elvis Picardo, strategist at Global Securities.
"People are getting out of the high momentum names and turning
to less favored stocks, the ones that haven't been red hot in
"The attention is turning to groups that have not
participated (in the rally) or that have been the target of
disproportionate selloffs in recent months," he added. "By that
token, the gold group would certainly qualify."
The Toronto Stock Exchange's S&P/TSX composite index
closed down 6.08 points, or 0.04 percent, at
14,673.73. Six of the 10 main sectors on the index were in the
Shares of energy producers lost 0.2 percent despite higher
oil prices. Encana Corp dropped 1 percent to C$24.84,
and Talisman Energy Inc fell 0.3 percent to C$11.60.
The healthcare sector gave back 0.9 percent, with Valeant
Pharmaceuticals International Inc dropping 2.3 percent
to C$138.22. Valeant said on Tuesday it will sweeten its
unsolicited $47 billion takeover offer for drugmaker Allergan
But gold-mining stocks advanced 0.9 percent. Barrick Gold
Corp was up 0.6 percent at C$18.94, and Goldcorp Inc
rose 1.4 percent to C$27.52.
Shares of Sears Canada Inc jumped 3.4 percent to
C$16.30 after parent company Sears Holdings Corp said
it was looking to sell its 51 percent stake in the Canadian
(Editing by Peter Galloway)