CANADA STOCKS-TSX steady as Potash slides, Teck climbs on results

Thu Jul 25, 2013 11:38am EDT
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* TSX rises 8 points, or 0.06 percent, to 12,680.30
    * Six of the 10 main index sectors decline
    * Potash Corp the biggest negative influence on index
    * Teck rises after quarterly report

    By John Tilak
    TORONTO, July 25 (Reuters) - Canada's main stock index was
little changed on Thursday as gains in Teck Resources Ltd
 and stronger commodity prices helped offset
disappointing quarterly reports from Potash Corp and
Goldcorp Inc.
    The gains in the price of bullion and other commodities came
as the market digested data that showed planned U.S. business
spending rose for a third straight month in June, offering a
hopeful sign for a pickup in economic growth. 
    Many earnings reports were "awful," said Colin Cieszynski,
senior market analyst at CMC Markets Canada. "It looks like just
about everybody missed."
    "But it looks as though commodity prices are holding up some
of the stocks," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 8 points, or 0.06 percent, at 12,680.30. Six of
the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, were
up 0.2 percent.
    The materials sector, which includes mining stocks, slipped
0.3 percent, with a jump in gold miners overshadowed by declines
in Potash Corp.
    Potash fell 4 percent to C$37.59, playing the biggest role
of any single stock in weighing the index down. The world's
biggest fertilizer producer reported a lower-than-expected
quarterly profit and cut its outlook as prices for its crop
nutrients fell. 
    Goldcorp was down 0.9 percent at C$28.99. The world's
largest gold miner by market capitalization posted a
second-quarter loss as a sharp drop in the gold price cut into
profits and the company recorded a $2 billion non-cash
impairment charge. 
    But shares of rival Barrick Gold Corp climbed 1.9
percent to C$18.02 and had the biggest positive influence on the
    Teck was also a big source of support, rising 2.7 percent to
C$24.33. The miner reported a drop in second-quarter earnings on
lower copper and coal prices. But it also cut its capital
spending plan through 2014, delaying new mining projects, a move
seen helping it preserve cash. 
    Shares of energy producers climbed 0.3 percent, with sector
giants Suncor Energy Inc and Canadian Natural Resources
Ltd making gains.
    Husky Energy Inc rose 1.4 percent to C$29.98 after
Canada's No. 3 integrated oil company reported a
stronger-than-expected quarterly profit as production rose and
the company realized higher prices.