CANADA STOCKS-Encana jumps but Yellen comments limit TSX gain
* TSX up 4.71 points, or 0.03 percent, at 14,617 * Six of the 10 main index sectors decline * Talisman, Husky, Enbridge rise after results By John Tilak TORONTO, May 7 (Reuters) - Canada's main stock index was little changed on Wednesday as comments from U.S. Federal Reserve Chair Janet Yellen weighed on sentiment, offsetting a jump in shares of Encana Corp after the company signed a deal to buy a U.S. shale oil assets. Yellen said the central bank will continue to provide a high degree of monetary policy accommodation, but cited geopolitical turmoil and weak housing data as risks to the U.S. economy. Encana gained 5.2 percent to C$25.83 after the company said it is buying producing assets in the Eagle Ford shale field in Texas from Freeport-McMoRan Copper & Gold for $3.1 billion, nearly doubling its oil output. Investors also digested a wave of quarterly reports, including several from energy companies. Shares of Talisman Energy Inc, Husky Energy Inc and Enbridge Inc all advanced after they posted profits. The Canadian benchmark index is up more than 7 percent this year. "We're looking at a market that feels comfortable where it is," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "I won't be surprised if the market starts to show a little bit of strength," he added. "But commodity prices are under pressure." The Toronto Stock Exchange's S&P/TSX composite index was up 4.71 points, or 0.03 percent, at 14,617. Six of the 10 main sectors on the index were in the red. The energy sector advanced 0.6 percent, with oil prices also providing support. Talisman climbed 2.4 percent to C$11.40 after the company posted a first-quarter profit, compared with a year-earlier loss, as oil and natural gas liquids production in North America soared 45 percent. Husky reported a bigger-than-expected 24 percent rise in first-quarter profit, helped by stronger prices for crude oil, natural gas liquids and bitumen. The stock added 1.7 percent to C$36.08. Enbridge reported a 56 percent rise in quarterly profit, sending shares of the pipeline company up 0.2 percent to C$53.11. But Tim Hortons Inc gave back 1.6 percent to C$58.73 after the coffee and snacks chain reported results that fell short of market expectations. ($1=$1.09 Canadian) (Editing by Peter Galloway)
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