TSX ends nearly unchanged as gold stocks rise, financials fall

Thu May 5, 2016 5:29pm EDT
 
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index ended nearly unchanged on Thursday as gains for gold stocks offset losses for financials, while investors grappled with impact of a massive wildfire that has shut some production in the country's oil sands region.

The index has rebounded 18 percent from an almost 3-1/2-year low in January, though it has been unable to climb back above 14,000.

After such a sharp rally "we did need a little bit of consolidation," said John Kinsey, a portfolio manager at Caldwell Securities.

The Toronto Stock Exchange's S&P/TSX composite index closed up 0.01 points, or 0.00 percent, to 13,632.01. Just four of the index's 10 main groups ended higher.

A good year for the U.S. economy and a bottom having been hit for commodity markets can help support the index, said Kinsey.

The wildfire has grown to five times its initial size, while at least 640,000 barrels per day of crude output is offline, according to Reuters calculations, roughly 16 percent of Canada's crude production.

Suncor Energy Inc, which has cut production due to the wildfire, fell nearly 3 percent to C$33.16, while Enbridge Inc was down 1.2 percent at C$50.32.

The overall energy group ended nearly unchanged as higher oil prices tempered losses.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.   REUTERS/Mark Blinch