CANADA STOCKS-TSX steady as Encana rise offset by gold, Potash

Thu Oct 18, 2012 11:38am EDT
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* TSX up 2.32 points at 12,463.57

* Six of the index's 10 main groups advanced

By Solarina Ho

TORONTO, Oct 18 (Reuters) - Canada's main stock index was little changed on Thursday as a gain in Encana Corp, following a takeover in the energy sector, was offset by weakness in gold miners and Potash Corp after the fertilizer producer issued a weaker outlook.

Oil and gas producer Encana was the biggest gainer on the index, climbing 4.35 percent to C$23.77.

"Encana is up because Exxon Mobil is going to buy Celtic. Natural gas producers are being looked at favorably because of Exxon's move," said Rick Hutcheon, president and chief operating officer at RKH Investments.

Exxon Mobil Corp agreed to buy Celtic Exploration Ltd for C$2.6 billion ($2.64 billion) on Wednesday, the latest foreign acquisition bid for a Canadian resource company.

The overall energy group was up a modest 0.2 percent, as falling U.S. crude prices dragged on other energy stocks. Cenovus Energy eased 0.9 percent to C$34.27, while Husky Energy fell 2.13 percent to C$27.59.   Continued...