CANADA STOCKS-TSX steady after jobs report; gold miners gain

Fri Jul 11, 2014 10:39am EDT
 
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* TSX up 8.05 points, or 0.05 percent, at 15,122.53
    * Six of 10 main index sectors advance
    * Energy shares follow the price of oil lower

    By John Tilak
    TORONTO, July 11 (Reuters) - Canada's main stock index was
little changed on Friday as a gain in shares of gold miners
helped overcome concerns about the labor market after a sluggish
jobs report.
    Government data showed that the Canadian economy
unexpectedly shed 9,400 jobs in June and the unemployment rate
rose to 7.1 percent from 7.0 percent in May, underlining how
employment growth has stalled despite a recovery in the United
States. 
    The Toronto market appeared to be consolidating after
concerns over whether Canadian and U.S. corporations will be
able to meet expectations weighed on investor sentiment in
recent days. The benchmark index is on track to end the week
lower. 
    "Nobody seems to want to be buying at this point. Markets
are quietly starting to fall under their own weight," said Colin
Cieszynski, senior market analyst at CMC Markets Canada. 
    "People are looking to see if earnings are able to keep up
with the increases in stock prices, or not," he added. "So we
may see some rotation out of equities in the coming weeks and
months, unless we get an absolute blowout earnings season to
support stocks and justify the moves."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 8.05 points, or 0.05 percent, at 15,122.53. Six
of the 10 main sectors on the index were higher.
    The gold-mining sector jumped 1.7 percent, with Barrick Gold
Corp advancing 2.2 percent to C$20.20 and Goldcorp Inc
 climbing 2.2 percent to C$30.40.
    With oil prices slipping, shares of energy producers
declined 0.7 percent. Suncor Energy Inc shed 1 percent
to C$44.54, and Encana Corp lost 1.5 percent to
C$23.45.

 (Editing by Jonathan Oatis)