CANADA STOCKS-TSX steady as gold miners' fall balances energy gains

Wed Mar 19, 2014 10:54am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX flat at 14,370.12 points
    * Investors eye Fed meeting, guidance expected
    * Worries over Ukraine fade, hurting gold miners

    By Alastair Sharp
    TORONTO, March 19 (Reuters) - Canada's main stock index was
unchanged on Wednesday as a sharp decline in several major
gold-mining shares was neutralized by gains in Canadian Natural
Resources and other oil and gas stocks.
    Investors were expecting the U.S. Federal Reserve to
announce a further unwinding of its monetary stimulus program
later in the session and were looking for new Fed chief Janet
Yellen to offer some policy guidance when she addresses a news
    Barrick Gold Corp fell 1.5 percent to C$22.21 and
Goldcorp Inc was off 0.8 percent at C$30.59, with the
gold miners falling with bullion prices on a mixture of caution
ahead of the Fed and an easing of anxiety over the Ukraine
crisis. Worries about Ukraine have recently added to gold's
safe-haven appeal.
    "The Crimean situation has cooled down and nothing goes
straight up forever, so gold is having a bit of a pause here,"
said John Kinsey, a portfolio manager at Caldwell Securities.
    Investors have found comfort in energy stocks that have
positioned themselves for a continuation of slow economic growth
in a low interest rate environment.
    "They have good production growth for the foreseeable future
and they've also cut costs early, delayed some of their
expansion projects and been buying back stock and some nice
dividend increases," Kinsey said of Canadian Natural Resources,
which was up 1.5 percent at C$41.17.
    The Toronto Stock Exchange's S&P/TSX composite index
 was flat at 14,369.29 points at midmorning. Six of its
10 main sectors were in the red.
    ($1=$1.12 Canadian)

 (Reporting by Alastair Sharp; Editing by Peter Galloway)