TSX steady as Goldcorp drops, Osisko climbs

Mon Jan 13, 2014 11:02am EST
 
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TORONTO (Reuters) - Canada's main stock index was little changed on Monday as shares of Goldcorp Inc (G.TO: Quote) weakened after the miner made a move to acquire smaller rival Osisko Mining Corp (OSK.TO: Quote), whose stock jumped.

Goldcorp launched an unsolicited cash-and-stock bid to buy Osisko for C$2.6 billion ($2.4 billion) to gain control of Osisko's Malartic gold mine in Quebec.

Investors also continued to digest a disappointing U.S. jobs report from Friday and were cautious about the U.S. and Canadian earnings seasons.

"The market is trying to decide, waiting to see what the earnings would look like," said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

"I don't have super-high hopes for 2014, but I think the TSX could match its performance in 2013 in 2014," he added.

The Canadian benchmark rose 9.6 percent last year.

On Monday, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 4.36 points, or 0.03 percent, at 13,751.88, after reaching as high as 13,771.13, its highest level since mid-2011.

Five of the 10 main sectors on the index were higher.

The consumer discretionary sector gained 0.6 percent, supported by a 2.2 percent jump in auto-parts maker Magna International (MG.TO: Quote), to C$92.27.   Continued...

 
People attend a market open ceremony for the Toronto Stock Exchange at the TSX Broadcast Centre in Toronto June 20, 2008. REUTERS/Mark Blinch