CANADA STOCKS-TSX little changed; energy, CP Rail gains outweigh gold fall
* TSX up 2.63 points, or 0.02 percent, at 12,139.81 * Seven of the 10 main sectors advance * Energy sector rises 0.7 percent By John Tilak TORONTO, Dec 5 (Reuters) - Canada's main stock index was little changed on Wednesday as a rise in energy stocks, triggered by higher oil prices, and a jump in Canadian Pacific Railway Ltd following news of job cuts offset a decline in the materials sector. The market was also supported by positive comments on economic policy and growth that came from a top Chinese leader. "The market is having an adjustment after a sloppy run," said Fred Ketchen, director of equity trading at Scotia McLeod, of the recent uptick. "We are in a range. I don't see anything to cause the market to burst out with a run of enthusiasm," he added. At midmorning, the Toronto Stock Exchange's S&P/TSX composite index was up 2.63 points, or 0.02 percent, at 12,139.81. Seven of the 10 main sectors were trading higher. Energy shares rose 0.7 percent, tracking higher oil prices. Suncor Energy was up 0.7 percent at C$32.47, and Nexen Inc rose 1.6 percent to $24.55. Brent crude oil rose to just above $110 per barrel. Canadian Pacific Railway Ltd gained 3.6 percent to C$96.32 after the country's second-biggest rail carrier said late Tuesday it would cut 4,500 jobs by 2016 as part of a drive by its new CEO to slash costs. The company played the biggest role of any single stock in leading the market higher. "This is what shareholders have been looking for. This is what they have been hoping - that CP will face the challenges that they have. The new CEO is making his mark," Ketchen said. Also boosting the market was Primaris Retail REIT , whose shares rose 13.7 percent after a consortium led by Canada's KingSett Capital offered about C$2.6 billion ($2.62 billion) to acquire the Canadian shopping mall owner. However, the market was held back by falling gold mining stocks, which were hurt by lower gold prices. Goldcorp Inc shed 2 percent to C$37.04, Barrick Gold Corp fell 1.7 percent to C$33.38, and Eldorado Gold was down 3.8 percent at C$13.35. As a result, the materials sector, which includes mining stocks, fell 0.9 percent.
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