CANADA STOCKS-Mining shares pull TSX lower ahead of long weekend

Fri May 16, 2014 10:50am EDT
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* TSX falls 54.63 points, or 0.37 percent, to 14,534.26
    * Nine of 10 main index sectors decline
    * Goldcorp, Teck follow bullion, copper prices lower

    By John Tilak
    TORONTO, May 16 (Reuters) - Canada's main stock index
declined on Friday as a fall in the prices of some commodities
weighed on the materials sector and investors appeared hesitant
to take major positions ahead of the long weekend.
    The market digested government data that showed foreign
investors sold C$1.23 billion ($1.13 billion) worth of Canadian
securities in March, the first divestment this year, while
domestic purchases of overseas assets hit a 16-month high.
    After climbing nearly 7 percent so far this year, the
benchmark stock index slipped in the last three sessions and
looked on track to end the week lower.
    "We're still at a point where neither the bulls the
bears are really able to take control and keep it for very
long," said Colin Cieszynski, senior market analyst at CMC
Markets Canada.
    "We're seeing a standoff or pause, where nobody really wants
to do much ahead of the weekend and they're taking stock to
figure out what to do next," he added.
    The market will be closed on Monday for the Victoria Day
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 54.63 points, or 0.37 percent, at 14,534.26.
Nine of the 10 main sectors on the index were in the red.
    The materials sector, which includes mining stocks, dropped
as the prices of gold, silver and copper slipped in choppy
    Goldcorp Inc was down 0.7 percent at C$26.92, and
Teck Resources Ltd shed 1.8 percent to C$24.46.
    Financials, the index's most heavily weighted sector, gave
back 0.5 percent. Manulife Financial Corp lost 0.8
percent to C$19.92, and Royal Bank of Canada fell 0.4
percent to C$72.93.

 (Editing by W Simon)