February 13, 2013 / 5:09 PM / 6 years ago

CANADA STOCKS-TSX flat as Barrick losses offset Talisman gain

* TSX falls 7.83 points or 0.06 percent, to 12,781.19
    * Barrick Gold down after African unit disappoints
    * Thomson Reuters shares slip after results
    * Talisman up nearly 2 percent after posting profit

    By John Tilak
    TORONTO, Feb 13 (Reuters) - Canada's main stock index edged
lower on Wednesday, led by a decline in Barrick Gold Corp
, the world's largest gold producer, after the release
of disappointing earnings from the its African subsidiary.
    A 3.1-percent drop in shares of Thomson Reuters Corp
 also weighed on the index after its revenue forecast
for 2013 failed to impress analysts, though quarterly operating
profit grew 2 percent due to cost cutting efforts. The stock was
trading at C$29.77. 
    Declines in the two stocks offset a 1.8 percent rise in
shares of Talisman Energy Inc, which reported a
quarterly profit on gains from asset sales. 
    "We continue to have a mixed earnings picture," said Fred
Ketchen, director of equity trading at ScotiaMcLeod.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 7.83 points, or 0.06 percent, at 12,781.19.
    Five of the 10 main sectors on the index were higher.
    The market was supported by a 0.3 percent rise in the
financial sector. Royal Bank of Canada gained 0.5
percent to C$63.29. Bank of Nova Scotia rose 0.4
percent to C$58.79.
    "People are very confident with the sector. It's very low
risk," Ketchen said. The stable earnings and dividend payouts
are also drawing investors to financials, he added.
    Barrick Gold, which dropped 1.5 percent to C$32.06, was key
in dragging the market lower after African Barrick Gold
, in which it owns a majority stake, said production
would shrink for a fifth straight year and that it would focus
on reining in soaring costs. 
    A slew of gold producers is due to report quarterly
earnings, with Toronto-based Kinross Gold Corp later on
Wednesday, and both Barrick Gold and Goldcorp Inc on
    Other major companies that will report results this week
include Encana Corp and Sun Life Financial Inc
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below