CANADA STOCKS-TSX steady as Ukraine fears lift gold miners

Sat, 15 Mar - 1:31am
    * TSX up 4.09 points, or 0.03 percent, at 14,249.23 
    * Five of the 10 main index sectors advance 
    * Gold-mining shares hit six-month high 
 
    By John Tilak 
    TORONTO, March 14 (Reuters) - Canada's main stock index was 
little changed on Friday as anxiety about the Ukraine crisis 
weighed broadly on the market but also stoked safe-haven buying 
of bullion, which drove up gold-mining shares. 
    Shares of gold producers, which are heavily weighted on the 
Toronto stock market's benchmark index, climbed for a fourth 
straight session and hit their highest level in more than six 
months. They are up about 35 percent this year. 
    Moscow sent more troops into Crimea on Friday and repeated 
its threat to invade other parts of Ukraine, ignoring efforts by 
the West to prevent the holding of a referendum in Crimea on 
Sunday on separating from Ukraine and joining Russia. 
   
    Worries about the volatile situation in Ukraine and fears of 
a slowdown in the Chinese economy have gripped investors in 
recent days, with the index dropping more than 70 points on 
Thursday.  
    The benchmark index looked set to end the week slightly 
lower, after posting gains in the five previous weeks. It is up 
about 4.5 percent so far in 2014. 
    "The market seems to be recovering from a one-day panic. 
It's a good sign," said David Cockfield, managing director and 
portfolio manager at Northland Wealth Management. 
    "There's reason for concern about Ukraine and China, but the 
market is handling it better than it has done in the past," he 
added. "It shows that the markets are in firmer ground than they 
were in the last couple of years." 
    The Toronto Stock Exchange's S&P/TSX composite index 
   was up 4.09 points, or 0.03 percent, at 14,249.23. 
    "Our market will continue to outperform (U.S. stocks) in 
2014," Cockfield said. "We've got more potential, our multiples 
tend to be lower and the Canadian dollar seems to be reasonably 
stable." 
    Five of the 10 main sectors on the index were higher. 
    Gains in the price of oil helped lift energy shares. In the 
group, Canadian Natural Resources Ltd    added 0.7 percent 
to C$39.73, and Suncor Energy Inc    rose 0.3 percent to 
C$36.36. 
    In the gold group, Goldcorp Inc    advanced 1.2 percent 
to C$32.03, and Barrick Gold Corp    was up 0.7 percent at 
C$23.14. 
    Financials, the index's most heavily weighted sector, 
declined 0.4 percent, with Royal Bank of Canada    giving 
back 0.5 percent to C$71.44. 
    ($1=$1.11 Canadian) 
 
 (Editing by Peter Galloway) 
 ((john.tilak@thomsonreuters.com)(1-416-687-7918)(Reuters 
Messaging: john.tilak.reuters.com@reuters.net)) 
  
((============================================================== 
FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS:    
TSX market report........................................ .TO   
Canadian dollar and bonds report................... CAD/  CA/   
Reuters global stocks poll (Canada)...    EPOLL/CA   
Top News: Canada .................................... TOP/CAN   
FOR CANADIAN MARKETS DATA.............................   )) 
 
Keywords: MARKETS CANADA/STOCKS   
     
URN: 
urn:newsml:reuters.com:20140314:nL2N0MB0UT:3
Topics: 
CRU SHP CMPNY INDS CA PREC MINE HOIL MOG ENR REP BANK DISTLL RTRS MIN GDM TRAN BMAT FIN ENER US OILG FINS STX COM MKTREP PROD BISV LEN REFI SHIP BSVC BNK MTAL NRG EXPL AMERS

Contact Us

Due to the security nature of our business, personal meetings are only by pre-arranged appointment.
Phone at any time on

1300 987 995

info@ausmint.com