TORONTO: Canada's main stock index was little changed on Tuesday as strength in gold mining shares, following a gain in the price of bullion, was offset by a decline in the financial sector.
The Toronto market, which is up more than 9 percent this year, hit its highest level in nearly six years in the previous session.
But investors appeared reluctant to acquire new positions in the absence of major economic or earnings news.
"I'm just being a little cautious," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "I'm adjusting my portfolios and building my cash positions."
"We'll keep edging up," he said of the benchmark index's recent climb. Cockfield expects the TSX to hit the 15,000 mark at some point but noted that investors should also brace themselves for a possible correction.
The Toronto Stock Exchange's S&P/TSX composite index was down 1.20 points, or 0.01 percent, at 14,870.01. Seven of the 10 main sectors on the index were in the red.
The gold-mining sector jumped 1 percent, with Barrick Gold Corp adding 1 percent to C$17.61 and Goldcorp Inc climbing 0.9 percent to C$25.35.
Shares of energy producers edged higher. Suncor Energy Inc advanced 0.9 percent to C$43.78.
Financials, the index's most heavily weighted sector, slipped. Toronto Dominion Bank lost 0.3 percent to C$55.09.
In corporate news, US drugmaker Allergan Inc rejected a sweetened $53 billion takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman. Valeant shares gave back 0.4 percent to C$137.52.
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