CANADA STOCKS-TSX little changed as resources mixed

Tue May 10, 2011 11:35am EDT
 
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   * TMX up 0.69 of a point at 13,677.82
 * Five of the 10 main groups higher
 (Updates with details, comments)
 By Solarina Ho
 TORONTO, May 10 (Reuters) - Toronto's main stock index was
nearly unchanged on Tuesday morning as positive sentiment
following strong Chinese trade data was offset by lackluster
gold mining shares and mixed energy issues.
 The overall energy group was up 0.21 percent after spending
much of the morning in negative territory. Suncor Energy
(SU.TO: Quote) was the lead advancer, climbing 0.89 percent to
C$40.97, while Imperial Oil (IMO.TO: Quote) was up 1.11 percent at
C$47.38.
 Offsetting the gains was a 0.78 percent fall to C$41.81 by
Canadian Natural Resources (CNQ.TO: Quote) and Talisman Energy's
TLM.TO 1.02 percent fall to C$21.30.
 Oil prices rose on a weaker U.S. dollar after falling more
than 2 percent earlier in the session. Strong Chinese crude oil
imports and a 17 percent drop in oil product imports sent mixed
signals to the market, however. [O/R]
 At 11:10 a.m. (1510 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 0.69 of a point at
13,677.82. Five of the index's 10 main groups were in positive
territory.
 "We're kind of resting on our laurels from yesterday ...
Last week the first four days were pretty brutal. Friday saved
part of the week and then yesterday was kind of a
follow-through which was good," said John Kinsey, a portfolio
manager at Caldwell Securities.
 "But, today, it seems to be kind of: Well, let's wait and
see where we go."
 Market sentiment got a lift from strong Chinese trade data,
which eased concerns of a slowdown in the world's
second-largest economy and pointed to strong global demand.
 China posted an $11.4 billion trade surplus in April,
nearly four times greater than expected, after exports hit a
record on healthy demand and imports rose less than forecast.
[ID:nL3E7GA09F] [ID:nLDE7480YG]
 Materials, where mining firms are grouped, was off 0.31
percent. The decline was led by Goldcorp (G.TO: Quote), which was down
0.72 percent at C$48.00. Kinross Gold (K.TO: Quote) slid 0.69 percent
to C$14.39.
 Precious metal miners were bucking bullion prices, which
climbed on weaker U.S. dollar. [GOL/]
 "Gold stocks aren't participating ... it's been typical of
their performance for a long time now. They just have not come
up with the commodity and they still seem to do that. The oil
stocks seem to have a better correlation although they're
dragging behind the commodity as well," said Kinsey.
 Research In Motion RIM.TO was the lead decliner, falling
1.75 percent to C$42.62.
 In individual corporate news, Canadian Tire (CTC.TO: Quote) was
among the lead gainers, advancing 1.88 percent to C$61.32
following Monday's surprise announcement that it was buying
sporting good retailer Forzani Group (FGL.TO: Quote). [ID:nL3E7G91PE]
 Northgate Minerals NGX.TO shares jumped 4.17 percent to
C$2.75, after reporting higher quarterly profits on firm metal
and gold prices. [ID:nL3E7GA1ZO]
 Food processor and grocer George Weston Ltd (WN.TO: Quote),
however, slid 1.37 percent to C$69.96, despite posting a higher
profit. [ID:nN10293436]
 ($1=$0.96 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)