* TSX falls 19.94 points, or 0.15 percent, to 13,358.39
* Seven of 10 main sectors decline
* Sears Canada soars on news of sale of properties
* Air Canada up after price target rise, Friday's results
By John Tilak
TORONTO, Nov 11 (Reuters) - Canada's main stock index
slipped on Monday in light yet choppy trading as increasing
concern the U.S. Federal Reserve might begin to pull back from
its easy money policy sooner rather than later weighed on energy
and mining stocks.
Those worries were a drag on the price of bullion, sending
down shares of gold producers and helping overshadow gains in
the industrial and information technology sectors.
Investors pondered positive export data from China and a
U.S. non-farm payrolls report that showed on Friday that the
world's largest economy added more jobs than expected in
With the Remembrance Day holiday in Canada and Veterans Day
in the United States, trading volumes were light
"Today's action is extremely muted as a number of markets
are closed," said Elvis Picardo, a strategist and vice president
of research at Global Securities in Vancouver.
"Canadian investors would do well to stay in the market
because it looks like the TSX is trying to make up for lost
ground," he said, adding that the resource groups offer good
value, despite the recent volatility.
Having gained about 3.6 percent in the last month, the
Toronto Stock Exchange's S&P/TSX composite index
closed down 19.94 points, or 0.15 percent, at 13,358.39 on
About 212 million shares changed hands, compared with an
average daily volume of about 294 million shares in October,
according to market operator TMX Group.
Seven of the 10 main sectors on the index were in the red.
Higher oil prices failed to push up energy stocks, which
shed 0.4 percent. Suncor Energy Inc slipped 0.3 percent
to C$36.76, and Canadian Natural Resources Ltd dropped
1.6 percent to C$32.51.
Talisman Energy Inc, which said on Friday it would
sell some natural gas assets, added 0.9 percent,
Gold-mining shares overall fell slightly. Goldcorp Inc
lost 0.2 percent to C$25.66, and Barrick Gold Corp
gave back 0.3 percent to C$19.01.
In other 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 0.3 percent to C$117.21.
Sears Canada Inc soared 4.4 percent to C$16.70
after it said it would sell its 50 percent stake in eight
Canadian properties for about C$315 million ($300.30 million).
After reporting market-topping quarterly results on Friday,
Air Canada extended its gains on Monday, jumping 10.2
percent to C$6.60. Several analysts also increased their price
targets on the stock.
- Commodity Markets
- Stocks & Offerings
- Air Canada
- Sears Canada