April 1, 2015 / 2:48 PM / 2 years ago

CANADA STOCKS-TSX steady as a resource gains offset by banks

2 Min Read

* TSX down 3.56 points, or 0.02 percent, at 14,898.88

* Six of 10 main index sectors decline

* Barrick, Goldcorp soar with bullion price

By John Tilak

TORONTO, April 1 (Reuters) - Canada's main stock index was little changed on Wednesday as strength in the price of commodities such as oil and bullion helped drive gains in the energy and mining sectors, offsetting weakness in the financial sector.

Oil prices were higher as negotiations over Iran's nuclear program dragged on.

Trading in the benchmark Canadian index, which recorded a gain of 1.9 percent in the first quarter, has been choppy in recent months because of volatility in commodity prices.

"We're going to be in these types of markets. At least the fluctuations don't seem too violent in scope," said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

"While I'm getting more negative on the energy sector, and in particular the oil stocks, I am becoming more positive on the longer term economic outlook," he added.

The Toronto Stock Exchange's S&P/TSX composite index was down 3.56 points, or 0.02 percent, at 14,898.88. Six of the 10 main sectors on the index were in the red.

Financial shares fell, with Royal Bank of Canada slipping 0.4 percent to C$75.91.

Shares of energy producers gained 0.3 percent. Suncor Energy Inc added 0.7 percent to C$37.27, and Canadian Natural Resources Ltd rose 0.4 percent to C$38.96.

The gold-mining sector jumped 3.5 percent, reflecting a rally in the bullion price. Barrick Gold Corp advanced 4.8 percent to C$14.52, and Goldcorp Inc climbed 3.7 percent to C$23.76.

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