CANADA STOCKS-TSX steady as oil shares slip, gold miners gain

Wed Jul 9, 2014 10:42am EDT
 
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* TSX up 19.30 points, or 0.13 percent, at 15,156.48
    * Eight of the 10 main index sectors advance
    * Potash Corp among top decliners

    By John Tilak
    TORONTO, July 9 (Reuters) - Canada's main stock index was
little changed on Wednesday as shares of energy producers
slipped with the oil price, while the gold-mining sector
followed the bullion price higher.
    The market awaited release later on Wednesday of minutes
from the U.S. Federal Reserve's June policy meeting to see if
they might offer clues about when the U.S. central bank might
raise interest rates. 
    The Toronto stock market's benchmark index dropped in the
previous two sessions as concern spread that corporate earnings
may not match expectations this quarter and justify the recent
runup in share prices. The index is up about 11 percent this
year.
    "The sentiment is that we've come quite far, quite fast, and
there's still a lot to worry about," said John Stephenson,
president of Stephenson & Co Capital Management.
    "The thinking is that valuations are high, and people are
uncertain."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 19.30 points, or 0.13 percent, at 15,156.48.
Eight of the 10 main sectors on the index were higher.
    The gold-mining sector jumped 1.2 percent, with Goldcorp Inc
 rising 1 percent to C$30.04 and Barrick Gold Corp
 gaining 0.5 percent to C$20.05.
    Financials, the index's most heavily weighted sector,
advanced 0.3 percent. Royal Bank of Canada climbed 0.6
percent to C$78.33, and Bank of Nova Scotia added 0.4
percent to C$72.16.
    Shares of energy producers declined, with Canadian Natural
Resources Ltd losing 0.7 percent to C$48.81.
    In corporate news, Potash Corp's chief executive
said on Tuesday he will stick with the fertilizer producer's
focus on supporting the price of potash by matching output of
the crop nutrient to demand, rather than maximizing sales volume
to fend off competition. 
    The stock was down 1.5 percent at C$38.83 on Wednesday and
had the biggest negative influence on the index. 
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway)