November 6, 2012 / 9:53 PM / 6 years ago

CANADA STOCKS-TSX edges higher with U.S. election in focus

* TSX ends up 8.42 points, or 0.07 percent, at 12,361.20
    * Materials shares up 1 percent
    * Valeant, Catamaran down sharply

    By Claire Sibonney
    TORONTO, Nov 6 (Reuters) - Canada's main stock index ended
little changed on Tuesday with stronger materials shares offset
by weaker financial and healthcare issues as investors guardedly
awaited the outcome of the U.S. presidential election.
    The move lagged bigger gains on Wall Street as investors
looked forward to a resolution of the drawn-out race for the
White House. 
    Capping a long and bitter campaign, Americans began casting
their votes to decide whether to give Democratic President
Barack Obama a second term or replace him with Republican
challenger Mitt Romney. 
    "For the TSX, where it would typically move in step with the
U.S. market, there really isn't any type of news flow really
either way," said Kevin Headland, director in the portfolio
advisory group at Manulife Asset Management.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended up 8.42 points, or 0.07 percent, at 12,361.20.
Seven of the 10 sectors were weaker.
    Whoever is elected will have to deal with the fiscal cliff
that faces the U.S. government, said John Ing, president of
Maison Placements Canada. "I think either gentleman faces very
difficult problems and needs to show leadership."
    On the upside, the index's materials sector, which includes
mining stocks, rose 1 percent. Gold producers were among the top
gainers as bullion prices jumped 2 percent on speculation of an
election win for Obama and higher hopes for Federal Reserve
    Goldcorp was up 1.1 percent to C$43.74 and Yamana
Gold climbed 2.7 percent to C$19.57.
    Among the heaviest decliners, Royal Bank of Canada,
the country's largest bank, fell 0.4 percent to C$57.14 and
Valeant Pharmaceuticals International lost 2.6 percent
to C$53.61.
    Pharmacy benefit manager Catamaran Corp was down
3.3 percent at C$47.91. Shares of Catamaran's U.S. competitor,
Express Scripts Holding Co, tumbled about 12 percent
after its CEO said Wall Street's outlook for its 2013 results in
may be too aggressive.
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