CANADA STOCKS-TSX ends flat after jobs report but gold miners surge

Fri Jul 11, 2014 4:31pm EDT
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* TSX up 11.02 points, or 0.07 percent, at 15,125.50
    * Seven of the 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 rally in shares of gold miners
helped overcome worries about the health of the labor market
spurred by 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
    The Toronto stock market appeared to be consolidating after
concerns over whether Canadian and U.S. corporations will be
able to meet earnings expectations had weighed on investor
sentiment in recent days. The benchmark index ended the week
    "There is nothing fundamental that has changed here, at
least not yet," said Marcus Xu, portfolio manager at MY Capital
Management Corp in Vancouver. "The market is choppy and
investors are looking for excuses to sell."
    "Valuation-wise I'm comfortable," he added. "It's not cheap,
but it's not crazily expensive."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 11.02 points, or 0.07 percent, at 15,125.50.
Seven of the 10 main sectors on the index were higher.
    The gold-mining sector jumped 3.2 percent, with Barrick Gold
Corp advancing 4.8 percent to C$20.71 and Goldcorp Inc
 climbing 2.6 percent to C$30.52. Gold prices notched
their sixth straight weekly gain this week. 
    With oil prices sliding more than 2 percent, shares of
energy producers declined 1.4 percent. Suncor Energy Inc 
shed 1.7 percent to C$44.24, and Encana Corp lost 1.3
percent to C$23.49.
    ($1=$1.07 Canadian)

 (Editing by Jonathan Oatis; and Peter Galloway)