CANADA STOCKS-TSX ends little changed on mixed earnings

Thu Apr 28, 2011 5:08pm EDT
 
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 * TSX ends up 1.83 points at 13,894.40
 * Six sectors advance
 * RIM slashes forecasts, shares slide in extended trade
 * Caution ahead of May 2 election, NDP surges in polls
 (Adds details)
 By Ka Yan Ng
 TORONTO, April 28 (Reuters) - Toronto's main stock index
ended little changed on Thursday as gold miners and some other
mining issues fell and oil and gas shares rose, while corporate
results were mixed.
  Stronger-than-expected earnings pushed papermaker Domtar
Corp (UFS.TO: Quote) up 1.9 percent to C$87.89, and pharmacy chain
Jean Coutu Group (PJCa.TO: Quote) up 1.34 percent to C$10.59.
 But news and information provider Thomson Reuters (TRI.TO: Quote)
fell 2.61 percent to C$38.11 after it reported adjusted
earnings that missed estimates. It said it plans to sell two
businesses to fund further investment. [ID:nN26263605]
 Imperial Oil IMO.TO cut early losses after reporting a
lower-than-expected profit, but still ended the session 0.72
percent lower at C$49.91. [ID:nN27295358]
 Potash Corp (POT.TO: Quote) dragged on the materials group,
falling 2.75 percent to C$52.69, after it reported a higher
quarterly profit but disappointed some investors who had
expected more. [ID:nN28203376]
 "We've got some minor variances from expectations that seem
to be weighing on the markets a little bit today but there's no
big news item that's really got people running one way or
another," said Michael Sprung, president at Sprung & Co
Investment Counsel.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 1.83 points at 13,894.40. Six of the index's
10 main groups advanced, with the heavily weighted energy group
rising 0.42 percent. The materials group led on the downside,
falling 0.76 percent.
 Still, there were enough strong earnings in both Canada and
the United States to offset new concerns about the U.S.
economy. Data on Thursday showed U.S. economic growth braked
sharply in the first quarter as higher food and gasoline prices
dampened consumer spending, and pushed up a broad measure of
inflation at the fastest pace in 2-1/2 years. [ID:nCAT005418]
 The report follows acknowledgment by the U.S. Federal
Reserve on Wednesday of a slowdown in first-quarter growth. The
Fed described the recovery as proceeding at a "moderate pace",
and confirmed plans to complete its $600 billion bond buying
program in June.
 Research In Motion RIM.TO, the second biggest heavyweight
riser on Thursday, may come under pressure on Friday after it
cut its earnings outlook for the current quarter after the
market close. It said it expects to ship fewer BlackBerry
smartphones in the quarter but maintained its robust full-year
forecasts.
 RIM finished Thursday's session up 2.03 percent at C$53.83.
In after-hours trading, its U.S. shares slid 12 percent.
 [ID:nN28285540]
 Analysts said there was also some caution in the market
resulting from a surge in the polls by the left-leaning New
Democratic Party ahead of Canada's May 2 general election.
 The NDP, now second in the polls behind the Conservatives,
is proposing significantly higher corporate taxes, and the
possibility of the party coming to power has ruffled some
market feathers. [ID:nN27126329]
 "In terms of Canadian equities, I have people who are just
pausing or just sitting on their hands until we get through the
next couple of days here, just to find out for sure what might
transpire," said John Kurgan, senior market strategist at
commodity futures brokerage Lind-Waldock Canada.
 ($1=$0.95 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)