CANADA STOCKS-TSX steady as market digests Fed move, weak Potash results
* TSX up 14.71 points, or 0.11 percent, at 13,657.93 * Nine of 10 main index sectors advance * Potash drops 4.5 percent after quarterly report * Gold-mining shares slip with price of bullion By John Tilak TORONTO, Jan 30 (Reuters) - Canada's main stock index was little changed on Thursday as investors processed the U.S. Federal Reserve's decision to further scale back its stimulus and a weak quarterly report from Potash Corp that sent the company's shares lower. Shares of Potash tumbled 4.5 percent after the world's biggest fertilizer company reported a sharply lower quarterly profit and gave 2014 forecasts that were below Wall Street expectations. Overall, gains in almost every major sector helped offset a slump in gold-mining shares, which took a hit after the price of bullion dropped. The Fed on Wednesday said it would trim its bond purchases by another $10 billion despite recent turmoil in emerging markets. Investors remained nervous about recent signs of weakness in emerging-market economies and currencies and were trying to gauge how the latest Fed taper might impact the broader appetite for equities. "Sentiment remains cautious. You're seeing a lot of volatility," said John Ing, president of Maison Placements Canada. "Risk has returned to the market." Ing sees a rebound in gold-mining shares over time as prices for the commodity stabilize. The Toronto Stock Exchange's S&P/TSX composite index was up 14.71 points, or 0.11 percent, at 13,657.93. Nine of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, added 0.2 percent, with insurers advancing. Manulife Financial Corp climbed 1 percent to C$20.71, and Sun Life Financial Inc rose 0.8 percent at C$36.66. The materials sector, which includes mining stocks, gave back 1.6 percent. Potash was down at C$33.99. Goldcorp Inc lost 3.2 percent to C$26.77, and Barrick Gold Corp slipped 0.9 percent to C$21.63.
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