CANADA STOCKS-TSX little changed as investors await Yellen speech

Thu Aug 21, 2014 3:40pm BST

Related Topics

Quotes

   

* TSX dips 7.35 points, or 0.05 percent, to 15,554.60
    * Seven of 10 main index sectors advance
    * Goldcorp, Barrick slip with bullion price

    By John Tilak
    TORONTO, Aug 21 (Reuters) - Canada's main stock index was
little changed on Thursday as investors digested mixed economic
data and awaited a speech from U.S. Federal Reserve Chair Janet
Yellen for clues on the direction of the central bank's monetary
policy.
    Figures showed a bigger-than-expected drop in the number of
Americans filing new claims for unemployment benefits last week.
 
    Further, separate surveys indicated a slowdown in business
growth in China and the euro zone. 
    Yellen is expected to address policymakers at an annual
meeting of central bankers and economists in Jackson Hole,
Wyoming. 
    "Being data dependent, the Fed is going to say that things
are looking better but they remain accommodative," said John
Stephenson, president of Stephenson & Co Capital Management.
    "We're entering into a historically strong period for the
market," he said.
    Stephenson said despite recent gains, valuations were not
"outrageous." Investors can find value in the Canadian energy,
financial, industrial and technology sectors, he said.
    The benchmark TSX, which hit a record high in the previous
session, is up about 14 percent this year.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 7.35 points, or 0.05 percent, at 15,554.60.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.4 percent, with Royal Bank of Canada rising
0.3 percent to C$81.87 and Toronto Dominion Bank adding
0.4 percent to C$57.78. 
    Shares of energy producers received a lift from a higher
U.S. crude oil price. Suncor Energy Inc was up at
C$43.70.
    The gold-mining sector dropped with the bullion price.
Goldcorp Inc shed 3.2 percent to C$30.15 and Barrick Gold
Corp declined 2.3 percent to C$20.06. 

 (Editing by Bernadette Baum)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.