CANADA STOCKS-TSX steady as market awaits Fed; Barrick drops

Wed Apr 30, 2014 11:08am EDT
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* TSX down 3.89 points, or 0.03 percent, at 14,579.22
    * Seven of 10 main index sectors advance
    * Loblaw, CGI climb after reporting results

    By John Tilak
    TORONTO, April 30 (Reuters) - Canada's main stock index was
little changed on Wednesday as a decline in shares of Barrick
Gold Corp and a drop in commodity prices weighed on
investor sentiment ahead of a policy statement from the U.S.
Federal Reserve later in the day.
    Barrick's stock fell 1.3 percent after the miner reported a
drop in first-quarter earnings and cut its forecast for 2014
copper production. 
    Grocer Loblaw Cos Ltd and IT services provider CGI
Group Inc both rose after reporting quarterly results.
    While it was likely that the Fed statement will show a
continuing pullback from its monetary stimulus program,
investors will be looking for more clarity on when the central
bank might begin raising interest rates.
    "People are nervous ahead of what the Fed is going to say
this afternoon," said Michael Sprung, president of Sprung
Investment Management. "I expect them to stay the course." 
    "We think the sentiment is mixed right now," he added. "The
market is concerned about the overall pace of the recovery."
     Given the recent runup in the TSX, the index could be due
for a correction, Sprung said. The Canadian benchmark is up
about 7 percent this year.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 3.89 points, or 0.03 percent, at 14,579.22 on
Wednesday morning. Seven of its 10 main sectors were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.3 percent. Toronto-Dominion Bank added 0.7
percent to C$52.47, and Bank of Nova Scotia rose 0.4
percent to C$66.18.
    Gold-mining shares followed the price of bullion lower,
slipping 1.4 percent. Goldcorp Inc lost 0.7 percent to
C$27. Barrick was trading at $19.10 and was one of the most
influential decliners on the index.
    With oil prices dropping, shares of energy companies fell
0.9 percent. Suncor Energy Inc shed 1 percent to
    CGI Group's quarterly profit more than doubled, driven by a
7 percent rise in revenue and strong European bookings. The
stock jumped 4.1 percent to C$39.63. 
    Loblaw advanced 2.5 percent to C$46.93. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)