CANADA STOCKS-TSX steady as energy shares gain, miners slip

Mon Oct 20, 2014 11:09am EDT
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* TSX up 5.74 points, or 0.04 percent, at 14,233.42
    * Six of 10 main index sectors advance
    * Valeant jumps on quarterly results

    By John Tilak
    TORONTO, Oct 20 (Reuters) - Canada's main stock index was
little changed on Monday as the energy sector dropped with the
oil price and shares of gold miners jumped after the bullion
price strengthened.
    Also weighing on the market, shares of Canadian Pacific
Railway Ltd slipped 1.3 percent after the company said
it had ended merger talks with CSX Corp. 
    Shares of energy producers, which have been on a slump in
the past three months over concerns about weakening oil demand,
shed about 1.3 percent on Monday. 
    The broader TSX index is down about 9 percent since touching
a record high last month.
    "I don't think we've seen the end of the correction," said
David Cockfield, managing director and portfolio manager at
Northland Wealth Management. "We may have to bounce around a
little, test the lows."
    Cockfield expects earnings reports from the Canadian energy
companies to boost their shares: "We're going to see some very
good numbers for the third quarter."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 5.74 points, or 0.04 percent, at 14,233.42. Six
of the 10 main sectors on the index were higher.
    Shares of energy producers reflected a 1 percent drop in the
price of U.S. crude oil. Suncor Energy Inc gave back 1.1
percent to C$37.31, and Canadian Natural Resources Ltd 
lost 1.1 percent to C$38.22.
    The gold-mining sector jumped 1 percent. Goldcorp Inc 
added 0.5 percent to C$25.99, and Barrick Gold Corp 
advanced 0.3 percent to C$15.17. 
    In corporate news, Valeant Pharmaceuticals International Inc
 posted a higher-than-expected quarterly profit. The
stock jumped 3.8 percent to C$140.61. 

 (With reporting by Leah Schnurr; Editing by Lisa Von Ahn)