CANADA STOCKS-TSX ends flat as miners slip, energy shares gain

Fri Jun 20, 2014 4:49pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX down 3.11 points, or 0.02 percent, at 15,109.10
    * Six of 10 main index sectors decline
    * Energy shares follow oil prices higher
    * BlackBerry jumps after bullish report from short-seller

    By John Tilak
    TORONTO, June 20 (Reuters) - Canada's main stock index was
little changed on Friday as a decline in shares of gold miners
was offset by strength in the energy sector, which extended a
solid run since the start of the year.
    Energy shares received a boost from the continuing conflict
in Iraq, which fueled worries about oil supply in the region and
helped push up the price of U.S. crude oil. 
    The energy group has had the biggest influence on the market
this year, gaining more than 23 percent. 
    The Toronto Stock Exchange's S&P/TSX composite index
 is up about 11 percent so far in 2014. It hit an
all-time closing high on Thursday and ended the week higher.
    "When an index reaches new highs, you definitely take a step
back," said Patrick Blais, a portfolio manager and managing
director at Manulife Asset Management. "The markets definitely
have had a very good run, so you've got to be more careful about
cyclical names."
    "Given our constructive view on the U.S. economy and a
number of central banks remain very accommodative, we're
positive on the markets," he added.
    The TSX closed down 3.11 points, or 0.02 percent, at
15,109.10. 
    "With stock valuations now close to historical norms, the
case for similar equity price gains going forward (has)
diminished," Capital Economics said in a research note.
"Moreover, we suspect that some of the recent gains in the
energy sector are overdone."
    Six of the 10 main sectors on the index were in the red on
Friday.
    Financials, the index's most heavily weighted sector,
climbed slightly, with Bank of Montreal rising 0.3
percent to C$77.57.
    Shares of energy producers gained 0.6 percent. Suncor Energy
Inc was up 0.3 percent at C$46.07, and Canadian Natural
Resources Ltd strengthened 1.6 percent to C$48.57.
    In the gold-mining sector, Barrick Gold Corp lost 2
percent to C$19.12.
    In corporate news, BlackBerry jumped 6.8 percent, to
C$10.51, after investment newsletter Citron Research, typically
known as a short-seller, touted the stock in a report.
 

 (Editing by James Dalgleish and Chris Reese)