CANADA STOCKS-TSX steady as gold miners drop, banks gain

Fri Mar 6, 2015 10:48am EST
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* TSX down 9.37 points, or 0.06 percent, at 15,093.74

* Six of the 10 main index sectors advance

* Gold miners dive 4.2 percent

By John Tilak

TORONTO, March 6 (Reuters) - Canada's main stock index was little changed on Friday as the price of bullion declined after a bullish U.S. jobs report, sending shares of gold miners sharply lower and offsetting a gain in the index's financial sector.

The U.S. data showed a pickup in the pace of employment growth in February and a drop in the jobless rate to a multiyear low, raising speculation that the Federal Reserve might raise interest rates sooner than expected.

"Given the size of the jobs increase and the decline in the unemployment rate, it definitely cements the view that the Fed is going to embark on its tightening course," said Andrew Pyle, senior wealth advisor and portfolio manager at ScotiaMcLeod.

"A cause for a market pullback would be economic numbers that are so strong that it might actually advance the timetable for the Fed, and that's where we are right now," he added.

The Toronto Stock Exchange's S&P/TSX composite index was down 9.37 points, or 0.06 percent, at 15,093.74. Six of the 10 main sectors on the index were higher.   Continued...