January 13, 2014 / 1:27 PM / 5 years ago

TSX steady as Goldcorp drops, Osisko climbs

TORONTO (Reuters) - Canada’s main stock index was little changed on Monday as shares of Goldcorp Inc (G.TO) weakened after the miner made a move to acquire smaller rival Osisko Mining Corp (OSK.TO), whose stock jumped.

People attend a market open ceremony for the Toronto Stock Exchange at the TSX Broadcast Centre in Toronto June 20, 2008. REUTERS/Mark Blinch

Goldcorp launched an unsolicited cash-and-stock bid to buy Osisko for C$2.6 billion ($2.4 billion) to gain control of Osisko’s Malartic gold mine in Quebec.

Investors also continued to digest a disappointing U.S. jobs report from Friday and were cautious about the U.S. and Canadian earnings seasons.

“The market is trying to decide, waiting to see what the earnings would look like,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

“I don’t have super-high hopes for 2014, but I think the TSX could match its performance in 2013 in 2014,” he added.

The Canadian benchmark rose 9.6 percent last year.

On Monday, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 4.36 points, or 0.03 percent, at 13,751.88, after reaching as high as 13,771.13, its highest level since mid-2011.

Five of the 10 main sectors on the index were higher.

The consumer discretionary sector gained 0.6 percent, supported by a 2.2 percent jump in auto-parts maker Magna International (MG.TO), to C$92.27.

The stock reflected market optimism after Barron’s, in a report on Sunday, said a possible recovery in the European car market could lift Magna shares in 2014.

Financials, the index’s most heavily weighted sector, rose 0.2 percent, with Royal Bank of Canada (RY.TO) advancing 0.4 percent to C$71.44.

The gold-mining sector was trading in negative territory. Goldcorp gave back 3 percent to C$24.53. Osisko shot up 20 percent to C$6.20.

Editing by Peter Galloway

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