CANADA STOCKS-TSX steady as Goldcorp drops, Osisko climbs

Mon Jan 13, 2014 11:00am EST
 
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* TSX rises 4.36 points, or 0.03 percent, to 13,751.88
    * Five of the 10 main index sectors advance
    * Goldcorp offers to buy Osisko for C$2.6 bln
    * Goldcorp down 3 percent, Osisko up 20 percent
    * Magna climbs after Barron's report

    TORONTO, Jan 13 (Reuters) - Canada's main stock index was
little changed on Monday as shares of Goldcorp Inc 
weakened after the miner made a move to acquire smaller rival
Osisko Mining Corp, whose stock jumped. 
    Goldcorp launched an unsolicited cash-and-stock bid to buy
Osisko for C$2.6 billion ($2.4 billion) to gain control of
Osisko's Malartic gold mine in Quebec. 
    Investors also continued to digest a disappointing U.S. jobs
report from Friday and were cautious about the U.S. and Canadian
earnings seasons.
    "The market is trying to decide, waiting to see what the
earnings would look like," said David Cockfield, managing
director and portfolio manager at Northland Wealth Management.
    "I don't have super-high hopes for 2014, but I think the TSX
could match its performance in 2013 in 2014," he added.
    The Canadian benchmark rose 9.6 percent last year.
    On Monday, the Toronto Stock Exchange's S&P/TSX composite
index was up 4.36 points, or 0.03 percent, at
13,751.88, after reaching as high as 13,771.13, it highest level
since mid-2011.
    Five of the 10 main sectors on the index were higher.
    The consumer discretionary sector gained 0.6 percent,
supported by a 2.2 percent jump in auto-parts maker Magna
International, to C$92.27.
    The stock reflected market optimism after Barron's, in a
report on Sunday, said a possible recovery in the European car
market could lift Magna shares in 2014. 
    Financials, the index's most heavily weighted sector, rose
0.2 percent, with Royal Bank of Canada advancing 0.4
percent to C$71.44.
    The gold-mining sector was trading in negative territory.
Goldcorp gave back 3 percent to C$24.53. Osisko shot up 20
percent to C$6.20.