4 Min Read
* 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) was the lead advancer, climbing 0.89 percent to C$40.97, while Imperial Oil (IMO.TO) 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) 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), which was down 0.72 percent at C$48.00. Kinross Gold (K.TO) 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) 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. [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), 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)