* TSX up 12.59 points, or 0.08 percent, at 15,274.23
* Six of 10 main index sectors advance
* Aecon, Ithaca Energy slip after results
By John Tilak
TORONTO, Aug 12 Canada's main stock index was
little changed on Tuesday, as advances in gold miners and
financial companies helped offset a decline in energy producers.
Shares of gold producers benefited as the price of bullion
rose after a report showed economic sentiment among analysts and
investors in Germany hit a low point on worries over the impact
of the Ukraine crisis.
A Russian convoy carrying food, water and other assistance
headed for eastern Ukraine, where government forces were closing
in on pro-Russian rebels. Kiev said it would not allow the
vehicles to cross into its territory.
Other geopolitical crises in Iraq and the Gaza Strip added
to investor jitters.
Trading on the Toronto Stock Exchange has been choppy over
the past two weeks because of the geopolitical concerns, but its
benchmark S&P/TSX composite index is up more than 12
percent this year.
"We believe that the market will see a correction this
summer," said Subodh Kumar, chief investment strategist at
Subodh Kumar & Associates.
"To me, valuations are high as they are assuming
stronger-than-historical earnings growth. I think that they need
to come down," he added.
The S&P/TSX composite index closed up 12.59 points, or 0.08
percent, at 15,274.23 on Tuesday. Six of the 10 main sectors on
the index were higher.
Among gold mining shares, Goldcorp Inc climbed 2.1
percent to C$31.50 and Barrick Gold Corp jumped 2.4
percent to C$20.94.
Financials, the index's most heavily weighted sector,
advanced 0.2 percent, with Bank of Nova Scotia gaining
0.2 percent to C$72.22.
A drop in oil prices weighed on shares of energy producers.
Canadian Natural Resources Ltd lost 0.7 percent to
Ithaca Energy Inc was down 0.4 percent to C$2.52
after the company reported a first-half pre-tax loss.
Aecon Group Inc dropped 2.2 percent to C$16.24
after the construction company reported lower quarterly revenue
late on Monday.
Tekmira Pharmaceuticals tumbled about 22 percent to
$20.25. Some analysts said investors were taking profits after
news of a U.S. regulatory approval for its experimental Ebola
drug helped lift the stock in recent days. It had gained about
75 percent in the previous three sessions.
(With reporting by Rod Nickel in Winnipeg; Editing by Jeffrey
Benkoe and Paul Simao)