CANADA STOCKS-TSX steady as ECB comments offset SNC drop
* TSX down 1.80 points, or 0.01 percent, at 14,546.46 * Seven of 10 main index sectors decline * SNC tumbles 7.4 percent on outlook, job cuts By John Tilak TORONTO, Nov 6 (Reuters) - Canada's main stock index was little changed on Thursday as comments from the European Central Bank were offset by a decline for SNC-Lavalin Group Inc after the engineering and construction company cut its profit outlook. SNC trimmed its full-year earnings forecast and said it was cutting its workforce by 9 percent. Its shares dropped 7.4 percent. Investors were encouraged as the European Central Bank indicated a willingness to unveil more stimulus measures if needed. But the price of oil fell as a stronger U.S. dollar and concerns about oversupply weighed. Energy shares, which have tumbled with the commodity price in recent months, dropped again. They have lost about a quarter of their value since the middle of June. "Oil stocks are trying to find a bottom here," said Robert McWhirter, president and portfolio manager at Selective Asset Management, who sees this decline as an opportunity to pick up energy assets. "Companies that have increased production and low debt are particularly attractive," he said. "On a relative basis, we think the U.S. stocks will do better than Canada, but overall both markets will continue to move ahead," he added. The Toronto Stock Exchange's S&P/TSX composite index was down 1.80 points, or 0.01 percent, at 14,546.46. Seven of the 10 main sectors on the index were in the red. The energy sector was down 1 percent. Suncor Energy Inc shed 1.1 percent to C$38.08, and Encana Corp lost 2 percent to C$20.59. The gold-mining sector rebounded, rising 5.2 percent after a decline in the previous session. Barrick Gold Corp advanced 4.6 percent to C$13.07, and Goldcorp Inc jumped 4 percent to C$21.14. (Editing by Lisa Von Ahn)
© Thomson Reuters 2017 All rights reserved.