CANADA STOCKS-TSX little changed; gold miners slide, banks gain

Tue Apr 26, 2011 11:04am EDT
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* TSX composite up 1.51 points to 13,908.83

* Barrick Gold, Goldcorp biggest weights on market (Updates with details, commentary)

By Claire Sibonney

TORONTO, April 26 (Reuters) - Toronto's main stock index was little changed on Tuesday as a drop in gold and silver prices hit shares of precious metal miners, offseting the boost to sentiment from a raft of strong U.S. earnings.

Silver and gold tumbled as investors sold on uncertainty about the direction of monetary policy in the United States ahead of a two-day U.S. Federal Reserve meeting. [GOL/]

Barrick Gold Corp (ABX.TO: Quote) had the biggest drag of any stock on the index, falling 2.5 percent to C$48.27. Goldcorp (G.TO: Quote), down 1.8 percent, and Silver Wheaton SLW.TO, down nearly 4 percent, also weighed.

"We saw a big spike in gold and silver yesterday and we're seeing a bit of profit taking," said Youssef Zohny, portfolio manager at Van Arbor Asset Management in Vancouver.

"There's a few competing forces in the market today. We saw a decent string of (U.S.) earnings reports this morning but we also saw a bit of weak data ... and in general we're seeing commodities fairly weak."

Adding further pressure to Barrick was its hefty all-cash C$7.3 billion bid for Equinox Minerals EQN.TO on Monday, which prompted China's Minmetals Resources (1208.HK: Quote) to bow out of the battle. [ID:nL3E7FQ05D]   Continued...