CANADA STOCKS-TSX steady as financials offset jump in golds
* TSX falls 7.36 points, or 0.06 percent, to 12,634.83 * Seven of 10 main index sectors decline * TransCanada has biggest negative influence on the market By John Tilak TORONTO, Aug 14 (Reuters) - Canada's main stock index was little changed in choppy trade on Wednesday, with weakness in the financial sector offsetting a jump in shares of gold producers, as investors processed positive economic data from the euro zone. Figures released on Wednesday showed Germany and France grew faster than expected in the second quarter, fueled by renewed business and consumer spending in the region's two largest economies. The data from Europe suggests that things may not be as bad as some investors might have anticipated, said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "We seem to be in a market where there's an awful lot of fear mongering," he said. "Virtually everything that has caused the market to sell off hasn't happened," he added. "Greece didn't collapse, burn and disappear. The EU is still together." The Toronto Stock Exchange's S&P/TSX composite index was down 7.36 points, or 0.06 percent, at 12,634.83. The benchmark Canadian index, which eased from a two-week high it hit the previous session, is barely up since the start of the year. Cockfield believes it could hit the 13,000 mark by the end of 2013 as investors begin to realize the value the market offers them. "The market is cheaper than it was in the beginning of the year," he said. "Despite the fact that the TSX has done virtually nothing this year, corporate earnings have increased, dividends have increased and multiples have come down." Seven of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.3 percent. Royal Bank of Canada, the country's biggest lender, lost 0.3 percent to C$63.88. Shares of energy companies were down 0.3 percent. TransCanada Corp declined 1.4 percent to C$46.25 and had the biggest negative influence on the market. Canadian Natural Resources Ltd fell 0.8 percent to $30.97. But the materials sector, which includes mining stocks, rose 2.8 percent, helped by a 4.2 jump in shares of gold producers. Goldcorp Inc gained 3.8 percent to C$30.42, and Barrick Gold Corp added 5.1 percent to C$19.33.
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