CANADA STOCKS-TSX steady as market awaits Fed; Barrick drops
* TSX down 3.89 points, or 0.03 percent, at 14,579.22 * Seven of 10 main index sectors advance * Loblaw, CGI climb after reporting results By John Tilak TORONTO, April 30 (Reuters) - Canada's main stock index was little changed on Wednesday as a decline in shares of Barrick Gold Corp and a drop in commodity prices weighed on investor sentiment ahead of a policy statement from the U.S. Federal Reserve later in the day. Barrick's stock fell 1.3 percent after the miner reported a drop in first-quarter earnings and cut its forecast for 2014 copper production. Grocer Loblaw Cos Ltd and IT services provider CGI Group Inc both rose after reporting quarterly results. While it was likely that the Fed statement will show a continuing pullback from its monetary stimulus program, investors will be looking for more clarity on when the central bank might begin raising interest rates. "People are nervous ahead of what the Fed is going to say this afternoon," said Michael Sprung, president of Sprung Investment Management. "I expect them to stay the course." "We think the sentiment is mixed right now," he added. "The market is concerned about the overall pace of the recovery." Given the recent runup in the TSX, the index could be due for a correction, Sprung said. The Canadian benchmark is up about 7 percent this year. The Toronto Stock Exchange's S&P/TSX composite index was down 3.89 points, or 0.03 percent, at 14,579.22 on Wednesday morning. Seven of its 10 main sectors were higher. Financials, the index's most heavily weighted sector, climbed 0.3 percent. Toronto-Dominion Bank added 0.7 percent to C$52.47, and Bank of Nova Scotia rose 0.4 percent to C$66.18. Gold-mining shares followed the price of bullion lower, slipping 1.4 percent. Goldcorp Inc lost 0.7 percent to C$27. Barrick was trading at $19.10 and was one of the most influential decliners on the index. With oil prices dropping, shares of energy companies fell 0.9 percent. Suncor Energy Inc shed 1 percent to C$42.19. CGI Group's quarterly profit more than doubled, driven by a 7 percent rise in revenue and strong European bookings. The stock jumped 4.1 percent to C$39.63. Loblaw advanced 2.5 percent to C$46.93. ($1=$1.10 Canadian) (Editing by Peter Galloway)
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