CANADA STOCKS-TSX steady as euro zone concerns offset U.S. data

Fri Nov 14, 2014 10:51am EST
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* TSX down 3.50 points, or 0.02 percent, at 14,775.27
    * Five of 10 main index sectors decline
    * Gold miners jump 2 percent

    By John Tilak
    TORONTO, Nov 14 (Reuters) - Canada's main stock index was
little changed on Friday as strong U.S. data and higher energy
shares were offset by concerns about the European economy.
    The euro zone economy recorded modest growth in the third
quarter, with France beating market estimates and Germany
closely avoiding a recession. The data showed that the region
remained sluggish and could be in need of more stimulus
    In the United States, retailers reported
stronger-than-expected sales in October, a positive sign for the
world's biggest economy. 
    The benchmark TSX looked on track to record its fifth
straight weekly gain, suggesting the market has recovered from a
selloff in October.  
    Energy shares received support from oil prices, which have
been under pressure since June.
    "It looks like the price of oil has bottomed, so we're
expecting a bit of a rebound there. Longer-term we're still
cautious on oil," said Robert McWhirter, president and portfolio
manager at Selective Asset Management. "For a one- to
three-month trade, energy stocks look like they are a reasonable
risk/return investment.
    "The U.S. market will continue to lead Canadian stocks on
the argument that the U.S. dollar will show strength and
commodity prices will face challenges," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 3.50 points, or 0.02 percent, at 14,775.27.
Five of the 10 main sectors on the index were in the red.
    Shares of energy producers advanced, with Talisman Energy
Inc rising 1.1 percent to C$6.39 and Encana Corp
 climbing 1.2 percent to C$19.96.
    The gold-mining sector jumped 2.1 percent, boosted by a
stronger bullion price. Goldcorp Inc added 2
percent to C$22.33, and Barrick Gold Corp gained 2
percent to C$13.37.

 (Editing by Nick Zieminski)