CANADA STOCKS-TSX steady as resource shares gain, banks slip

Wed May 14, 2014 10:58am EDT
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* TSX up 12 points, or 0.08 percent, at 14,691.81
    * Seven of 10 main index sectors decline
    * Sears Canada jumps after parent company looks to sell
majority stake

    By John Tilak
    TORONTO, May 14 (Reuters) - Canada's main stock index was
little changed on Wednesday as higher commodity prices boosted
shares of energy and mining companies, offsetting declines in
the financial sector.
    Investors also digested news that the European Central Bank
was preparing a package of policy options for its June meeting,
including cuts in all its interest rates and targeted measures
aimed at boosting lending to small- and mid-sized firms.
    After having gained almost 8 percent this year, the Toronto
market appeared to be searching for catalysts to propel it
    "There's a lot of anxiety amongst traders on which way the
direction of this market is about to go," said Michael Newton,
director of wealth management and portfolio manager at
    "Because the Canadian market is outperforming the S&P 500
 this year, there's some renewed interest, particularly in
the energy sector," he added. "However, I still advocate having
a larger proportion of money invested in the United States and
in Europe."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 12 points, or 0.08 percent, at 14,691.81. Seven
of the 10 main sectors on the index were in the red.
    With the price of U.S. crude oil advancing 0.5 percent,
shares of energy producers added 0.4 percent. Encana Corp
 climbed 0.9 percent to C$25.32 and Talisman Energy Inc
 rose 0.6 percent to C$11.70.
    The materials sector, which includes mining stocks, advanced
0.9 percent. Barrick Gold Corp was up 1.3 percent at
C$19.07, and Potash Corp rose 1.2 percent to C$40.48.
    But financials, the index's most heavily weighted sector,
gave back 0.3 percent, with Bank of Nova Scotia 
slipping 0.3 percent to C$66.77.
    In corporate news, shares of Sears Canada Inc 
jumped 4.4 percent, to C$16.45, after parent company Sears
Holdings Corp said it was looking to sell its 51
percent stake in the Canadian retailer.