CANADA STOCKS-TSX steady as mining fall offset by TransCanada

Thu Sep 18, 2014 9:50pm BST

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* TSX down 6.66 points, or 0.04 percent, at 15,465.54
    * Five of 10 main index sectors advance
    * Gold-mining shares drop 1.9 percent

    By John Tilak
    TORONTO, Sept 18 (Reuters) - Canada's main stock index ended
little changed on Thursday as a drop in shares of gold miners
amid weakness in the price of bullion was offset by a jump in
TransCanada Corp.
    TransCanada climbed 3.3 percent to C$60.81 after Reuters
cited sources as saying the company is emerging as a possible
target, with several U.S. activist hedge funds reviewing the
nearly $38 billion pipeline operator as a break-up candidate.
 
    Investors digested the Federal Reserve's renewed pledge on
Wednesday to keep benchmark U.S. interest rates near zero for a
"considerable time," but also indicated it could raise borrowing
costs faster than expected when it starts moving on rates.
 
    The market also awaited the outcome of Thursday's Scottish
referendum on independence, with polls showing that the results
could be very close. 
    "The market is locked in on the fact that the Fed's looking
to remain with its accommodative policy stance until there's
concrete evidence that the labor market is on a path of
sustainable growth," said Craig Fehr, Canadian market strategist
at Edward Jones in St. Louis, Missouri. 
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 6.66 points, or 0.04 percent, at 15,465.54.
Five of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
advanced 0.5 percent. Royal Bank of Canada climbed 0.8
percent to C$83.11, and Bank of Montreal added 0.7
percent to C$85.42.
    The gold-mining sector shed 1.9 percent, with Goldcorp Inc
 losing 2.6 percent to C$26.63 and Barrick Gold Corp
 declining 2.1 percent to C$17.52.
    In other corporate news, Penn West Petroleum Ltd 
said it was strengthening its accounting practices after a
review uncovered irregularities that forced the company to
restate some of its previous results. Shares of the oil producer
jumped 7.8 percent to C$8.33. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway and James Dalgleish)
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