November 11, 2013 / 4:03 PM / 6 years ago

CANADA STOCKS-TSX steady as Fed fears weigh in light trade

* TSX falls 3.32 points, or 0.02 percent, to 13,375.01
    * Five of 10 main sectors decline
    * Gold mining shares tumble 2 percent
    * Sears Canada soars on news of sale of properties

    By John Tilak
    TORONTO, Nov 11 (Reuters) - Canada's main stock index was
little changed on Monday as any positive sentiment from Friday's
robust U.S. jobs report was offset by concerns that the U.S.
Federal Reserve might begin to pull back from its easy monetary
policy sooner than expected
    Those worries weighed on the price of bullion, sending
shares of gold producers down more than 2 percent and helping
overshadow gains in the financial and energy sectors. 
    With the Remembrance Day holiday in effect in Canada and the
Veterans Day holiday in the United States, trading volumes were
    Investors were still chewing on the non-farm payrolls report
that showed on Friday that the world's largest economy added
more jobs than expected in October. 
    "The U.S. Federal Reserve is going to stay longer with lower
rates until such time as they are absolutely certain that the
economy is on a firm track," said Irwin Michael, portfolio
manager at ABC Funds, who added that it was "a very, very quiet
    Canadian investors should be prepared for a high level of
volatility, including in the gold-mining sector, until the Fed
takes its next steps, he added. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 3.32 points, or 0.02 percent, at 13,375.01. 
    About 50 million shares changed hands at mid-morning,
compared with an average daily volume of about 294 million
shares in October, according to market operator TMX Group.
    Five of the 10 main sectors on the index were lower.
    Shares of financial companies gained 0.2 percent, with
Toronto Dominion Bank rising 0.2 percent to C$96.82.
    Higher oil prices pushed up energy stocks, which were up 0.2
percent. Suncor Energy Inc climbed 0.4 percent to
    Talisman Energy Inc, which said on Friday it would
sell some natural gas assets, jumped 2 percent, to C$12.67.
    But gold-mining shares overall fell 2.1 percent. Goldcorp
Inc lost 1.7 percent to C$25.27, and Barrick Gold Corp
 gave back 1.6 percent to C$18.77.
    In other coporate news, a Canadian National Railway Co
 train derailed in northern Ontario this weekend, and an
estimated 40 carloads of grain left the tracks, the
Transportation Safety Board of Canada said. Nevertheless, the
company's shares gained 0.5 percent to C$117.44. 
    Sears Canada Inc soared 6.6 percent to C$17.05
after it said it would sell its 50 percent stake in eight
Canadian properties for about C$315 million ($300.30 million).
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