CANADA STOCKS-TSX little changed; CP Rail gains offset gold fall

Wed Oct 24, 2012 1:00pm EDT
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* TSX falls 6.07 points, or 0.05 pct, to 12,219.77
    * Canadian Pacific, Rogers rise after results
    * Gold stocks drag as bullion price falls

    By John Tilak
    TORONTO, Oct 24 (Reuters) - Toronto's main stock index was
little changed on Wednesday as gains in Canadian Pacific Railway
 and Rogers Communications Inc on unexpectedly
strong results were offset by weaker gold stocks.
    CP Rail shares jumped 5.15 percent to C$92.41 as the
railway's profit jumped 20 percent, while Rogers climbed 2.95
percent to C$42.29 after reporting high adjusted earnings.
    The companies played the biggest role of any two stocks in
supporting the market.
    News that a survey showed China's economy was making a slow,
steady recovery from its weakest period of growth in three years
was also supportive. 
    But this was partly offset by a report showing euro zone
businesses suffered another dismal month in October as factory
output plunged in Germany, the area's top economy and exporter.
    "It's going to be a very skittish market today. There's a
hesitancy to take a stand," said Michael Sprung, president at
Sprung Investment Management.
    At mid-day, Toronto Stock Exchange's S&P/TSX composite index
 was down 6.07 points, or 0.05 percent, at 12,219.77.
    The industrials sector, which includes CP Rail, was up
almost 1 percent, providing the most support for the broader
    But the materials sector, home to base and precious metals
miners, fell 0.7 percent and weighed on the index.
    Top decliners included Goldcorp Inc, which fell more
than 2.2 percent.
    Gold fell below $1,700 an ounce on Wednesday for the
first time in seven weeks as caution ahead of the Federal
Reserve's policy statement erased early gains triggered by the
upbeat Chinese manufacturing report. 
    In other company news, Encana Corp, Canada's
largest gas producer, posted a third-quarter loss as it recorded
a $1.19 billion after-tax impairment charge due to a fall in
natural gas prices. 
     Encana shares fell 1.6 percent to C$22.20.