CANADA STOCKS-TSX steady as dip in gold shares offsets higher banks
* TSX rises 12.70 points, or 0.10 percent, to 12,466.62 * Five of 10 main sectors decline * WestJet falls 5.3 percent after results * BlackBerry slips 5 percent, weighs on tech sector By John Tilak TORONTO, May 7 (Reuters) - Canada's main stock index was little changed on Tuesday as strength in financial and energy stocks was offset by declines in gold producers after bullion prices tumbled on the likelihood of more major central bank stimulus. European Central Bank chief Mario Draghi said the bank was ready to trim rates again if needed, while Australia's central bank cut rates to a new low of 2.75 percent and suggested it may do more. The commentary from the central banks boosted broader equity markets but dented gold's appeal as an alternative investment. Gold prices dropped 1.5 percent. Gold shares, down about 36 percent since the start of the year, fell 3 percent on Tuesday. "Not only is the gold price going down, a lot of gold producers have not delivered on forecasts. That's a double whammy on gold equities," said Luciano Orengo, a portfolio manager with Manulife Asset Management. "I'm not ready to call a bottom yet (for the gold sector)," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 12.70 points, or 0.10 percent, at 12,466.62. Five of the 10 main sectors on the index were in the red. The materials sector, which includes mining stocks, gave back 1.7 percent, hurt by the weakness in gold producers. Financials, the index's most heavily weighted sector, gained 0.4 percent. WestJet Airlines Ltd fell 5.3 percent to C$23.40 after the airline said it expects revenue per available seat mile to decline in the second quarter, hurt by the timing of the Easter and Passover holidays and cancellation of some business by travel agency Thomas Cook. BlackBerry slipped 5 percent to C$14.96 and dragged the information technology sector down 1.4 percent.
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