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