By Avinash P
Nov 11 (Reuters) - Canada's main stock index struggled
for direction on Tuesday, with gains in energy stocks offsetting
losses in technology shares, as investors awaited developments
following the previous session's rise.
At 10:22 a.m. ET, Toronto's S&P/TSX composite index
was little changed at 30,306.23 points. Higher
commodity prices and a potential end to the longest U.S.
government shutdown had lifted the index on Monday.
The U.S Senate passed a bill late on Monday to end the
shutdown that has weighed on the U.S. economy and stalled
economic data, fueling concerns among Federal Reserve
policymakers and traders on the state of the economy.
"The excitement around the government reopening was strong
yesterday, which surprised me because the market didn't fall
during the shutdown - it actually moved higher once the
reopening was confirmed. That euphoria, however, seems to have
been a one-day phenomenon," said Allan Small, senior investment
advisor at Allan Small Financial Group with iA Private Wealth.
"Now, investors are looking for the next catalyst."
Further dampening risk appetite, the ADP preliminary weekly
payroll figures showed U.S. private employers shed an average of
11,250 jobs.
Concerns about stretched valuations of technology stocks
have also resurfaced. The technology sub-index fell
1.5%, leading sectoral losses.
Oil prices rose due to the latest U.S. sanctions on Russian
oil, pushing the energy sector up 1.1%.
Gold prices hit their highest level in nearly three weeks,
supported by growing expectations of another U.S. interest rate
cut in December and the possible end to the federal shutdown.
Gold stocks rose 0.3%.
Brookfield Renewable Partners shares declined
5.6%, falling to the bottom of the benchmark index, after the
electric utility announced a $650 million equity raise.
Meanwhile, China is willing to resume exchanges with Canada
and cooperate in various fields, its foreign minister told his
Canadian counterpart.