CANADA STOCKS-TSX ends flat on geopolitical concerns, copper drop

Wed Aug 13, 2014 4:53pm EDT
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* TSX down 21.74 points, or 0.14 percent, at 15,252.49
    * Eight of the 10 main index sectors decline
    * Black Diamond drops after reporting results
    * Badger Daylighting is biggest percentage decliner

    By John Tilak
    TORONTO, Aug 13 (Reuters) - Canada's main stock index was
little changed on Wednesday as worries about geopolitical
tensions in Ukraine and weakness in the price of copper weighed.
    Data indicating a slowdown in the Chinese property market
hit copper prices, dragging down shares of miners such as Teck
Resources Ltd and First Quantum Minerals Ltd.
    Investors digested news that Ukraine had denounced Russia's
dispatch of a humanitarian aid convoy as an act of unbounded
cynicism, while the United Nations said the death toll in
fighting had doubled in the last two weeks. 
    Worries about Ukraine as well as crises in the Middle East
have led to volatile trading on the Toronto stock market over
the past few weeks.
    "This is some concern about geopolitics," said Irwin
Michael, portfolio manager at ABC Funds. "You're having a lot of
volatility and a lot of indecision in terms of what investors
want to do." 
    He said investors wanted to hold onto their cash and see how
developments in the economy and geopolitics play out.
    Michael expects the Canadian equity market to outperform
U.S. stocks this year.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 11.50 points, or 0.08 percent, at
15,262.73. Seven of the 10 main sectors on the index were in the
    Among miners, Teck slipped 0.8 percent to C$25.09 and First
Quantum fell 1.1 percent to C$24.46.
    Shares of energy producers dropped in choppy trade. Canadian
Natural Resources Ltd lost 1.4 percent to C$45.09, and
Encana Corp gave back 1.3 percent to C$23.38.
    The industrial sector in the declined 0.6 percent, with
Canadian Pacific Railway Ltd shedding 0.4 percent to
    Black Diamond Group Ltd dropped 3.7 percent to
C$28.67 after the energy services provider reported quarterly
results late on Tuesday.
    Secure Energy Services Inc shot up 13 percent to
C$27.18, after several brokerages raised their price targets on
the stock a day after the company reported quarterly results.
    Badger Daylighting Ltd tumbled 24 percent to $27.25
after it reported quarterly results. The stock showed the
biggest percentage decline on the index. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway and Meredith Mazzilli)