CANADA STOCKS-TSX steady as U.S. data offsets energy drop

Fri Sep 12, 2014 10:31am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX up 17.85 points, or 0.11 percent, at 15,552.17
    * Seven of 10 main index sectors advance
    * Talisman, Enbridge fall with oil price

    By John Tilak
    TORONTO, Sept 12 (Reuters) - Canada's main stock index was
little changed on Friday as positive economic data out of the
United States helped overcome a decline in the energy sector
following a lower oil price.
    Energy share prices extended their drop on concerns over
increasing supply and weak demand, with the price of oil
slumping to a two-year low this week. 
    Data showed that U.S. retail sales rose broadly in August,
helping ease some concerns about consumer spending.
 
    Investors also braced themselves for two potential market
catalysts next week: the outcome of the Scottish referendum on
independence and monetary policy commentary from a U.S. Federal
Reserve meeting.
    The benchmark TSX, which is up about 14 percent this year,
looked set to end the week lower. 
    "Our view is that the market is slightly ahead of
fundamentals, so I'm not surprised if we're seeing a bit of a
pause here," said Michael Sprung, president of Sprung Investment
Management.
    "The market is certainly very wary of equities, but there's
little alternative, particularly if anyone is seeking yield," he
added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 17.85 points, or 0.11 percent, at 15,552.17.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.2 percent, with Toronto Dominion Bank advancing 0.3
percent to C$57.78 and Bank of Montreal rising 0.4
percent to C$84.75.
    Shares of energy companies lost 0.3 percent, with Talisman
Energy Inc giving back 0.7 percent to C$10.76 and
Enbridge Inc declining 0.6 percent to C$55.53.

 (Editing by James Dalgleish)