CANADA STOCKS-TSX shows little conviction before Obama speech

Thu Sep 8, 2011 11:42am EDT
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 *TSX up 11.65 points, or 0.09 percent, at 12,733.21
 *5 of 10 sectors higher; golds support, banks drag
 TORONTO, Sept 8 (Reuters) - Toronto's main stock market
index edged higher in cautious action on Thursday morning
following weak U.S. jobs data and ahead of a speech by U.S.
President Barack Obama detailing his plan for job creation.
 Defensive stocks - golds, consumer staples and utilities -
buoyed the index, while cyclical stocks, sensitive to economic
growth, dragged.
 "It's the usual suspects. The banks have been under
pressure for a long time here, probably in sympathy with the
U.S. banks," said John Kinsey portfolio manager at Caldwell
Securities Ltd.
 "Everybody is waiting to hear what Mr. Obama has to say,"
he added.   
  Financials, down 0.8 percent, weighed most heavily.
Toronto-Dominion Bank TD.TO was the index's heaviest drag,
dropping 1.6 percent to C$76.44, while Royal Bank of Canada
RY.TO fell 0.4 percent to C$48.87.
  But gold-mining stocks offset losses, with the safe-haven
metal looking on track to recoup most of the previous session's
heavy losses after the European Central Bank president
highlighted downside risks to the European economy. [MKTS/GLOB]
 Barrick Gold ABX.TO gained 2.4 percent to C$55.00, and
Goldcorp G.TO added 1.5 percent to C$55.29.
 At 11:17 (1517 GMT) the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE was up 11.65 points, or 0.09 percent,
at 12,733.21, having fallen to a low of 12,659.30 earlier in
the session. 
 The energy sector slipped 0.1 percent as oil prices
seesawed in choppy trade. [O/R]
 Cenovus Energy CVE.TO was down 1.1 percent at C$33.85,
but Suncor Energy SU.TO was among the top advancers,
extending gains from the previous session as it rose 1.3
percent to C$30.74.
($1=$0.98 Canadian)
 (Reporting by Trish Nixon; editing by Peter Galloway)