January 19, 2010 / 9:48 PM / 9 years ago

CANADA STOCKS-TSX inches up on gold price in muted trade

* S&P/TSX composite gains 0.11 percent to 11,763.42

* Gold miners benefit from uptick in bullion price

* Assortment of blue chips fall (Adds details, quotes)

By Ka Yan Ng

TORONTO, Jan 19 (Reuters) - Toronto’s main stock market index closed little changed on Tuesday as an uptick in bullion prices helped push up gold producers, but the move higher was offset by the drag of some falling blue chips.

The index’s gold producing sub-sector .SPTTGD was up 1.2 percent with Barrick Gold (ABX.TO), the world’s biggest gold miner, adding 1.46 percent to C$40.91.

Also among top advancers were gold miners Goldcorp (G.TO), up 1.69 percent at C$41.60, and Agnico-Eagle (AEM.TO), up 2.01 percent at C$59.98.

The index’s materials group managed to gain 0.66 percent, mostly on the gold support, but it was pressured by individual names such as fertilizer producer Potash Corp POT.TO, which dropped after UBS cut its share-price target. [ID:nWNAB5381]

Potash Corp recovered some of its losses by day’s end, down 0.5 percent at C$118.58.

Heavyweight decliners were an assortment of blue-chip names. BlackBerry maker Research In Motion RIM.TO fell 1 percent to C$67.41, while Bank of Nova Scotia (BNS.TO) lost 0.43 percent to C$46.29. Pipeline company Enbridge (ENB.TO) fell 1 percent to C$46.68.

“There’s not really any major catalyst moving the market. Oil is up slightly, gold is up slightly and there doesn’t seem to be a whole lot of news out there,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

“As far as Toronto goes, it’s pretty muted.”

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished up 12.88 points, or 0.11 percent, at 11,763.42. It moved in a subdued range of about 55 points on volumes slightly below average levels.

By comparison, major U.S. stock indexes advanced more than 1 percent on Tuesday as investors bet a potential Republican victory in Massachusetts’ Senate race could stall President Barack Obama’s reform agenda.

$1=$1.03 Canadian Editing by Peter Galloway

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