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Canadian markets mixed
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January 11, 1999: 5:29 p.m. ET
Trading volume light as traders anticipate earnings reports from blue chips
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NEW YORK (CNNfn) - Toronto stocks ended mixed on Monday with trepidation building over a slew of earnings results about to be posted by blue-chip companies.
The Toronto Stock Exchange's key 300 Composite Index ended down 26.69 points, or 0.39 percent, to 6,842.24. Volume was light at 112.3 million shares worth C$1.91 billion. Trading was showing a positive bias, however, as advances topped declines 523 to 495 with another 265 issues unchanged.
The TSE's new SP/TSE 60 index finished the day down 2.73 points, or 0.68 percent, to 397.35.
Market watchers blamed the early dip on profit-taking as investors sought gains from the red-hot market activity in recent sessions.
Last week, the TSE 300 surged 346 points, or 5.3 percent.
"I think people are focusing on the earnings coming out in Canada and the U.S. this week. People are waiting to see what direction earnings will take," said Todd Kapala, investment specialist at Priority Brokerage.
U.S. computer chip manufacturer Intel Corp. should set the tone when it reports its quarterly earnings Tuesday morning, Kapala said.
Laidlaw Inc. of Burlington, Ontario, reports its quarterly results Tuesday as well. The company is North America's largest healthcare transportation, school bus and municipal transit service firm.
Canadian computer graphics maker ATI Networks Inc. reports its earnings on Thursday.
"People are looking more for safety right now, they're buying a lot of gold and we saw a bit of an increase in the oil and gas sector," Kapala said.
The banking group led the declines with a 1.24-percent fall.
Elsewhere in Canada, the Vancouver Stock Exchange gained 5.68 points, or 1.4 percent, to close out the day at 421.03.
In Montreal, the benchmark Portfolio dipped 35.35 points, or 1 percent, to finish at 3564.32. Declines led advances 185 to 178.
-- from staff and wire reports
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