(Adds portfolio manager quotes, details on China, background,
Canadian Pacific Railway ; updates prices)
* TSX ends down 2.76 points, or 0.02 percent, at 12,445.45
* Four of the TSX's 10 main groups fall
By Fergal Smith
TORONTO, Jan 8 (Reuters) - Canada's main stock index ended
slightly lower on Friday, remaining in bear market territory as
mining stocks weakened and a major healthcare company fell more
than 6 percent.
Relief that China's major stock indexes regained some ground
proved short lived, with the market unable to build
on an earlier rally despite solid U.S. and Canadian jobs gains.
"The positive that came out today was the Canadian job
numbers," said Kevin Headland, director of capital markets and
strategy at Manulife Asset Management.
Canada added more jobs than anticipated in December,
including modest gains in the struggling manufacturing and
natural resources sectors. In the United States,
December jobs gains also topped expectations.
The materials group, which includes precious and base metals
miners and fertilizer companies, fell 1.4 percent. That included
a 3.4 percent drop in Barrick Gold Corp ABX.TO to C$11.92 as
bullion pulled back from a nine-week high. GOL/
Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO fell 6.2
percent to C$128.87, trading at its lowest level since Dec. 14.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed 2.76 points lower, or down 0.02 percent, at
12,445.45, marking an eighth straight lower close.
Just four of the index's 10 main groups were in negative
territory.
The index fell 4.3 percent for the week, tracking weakness
in most global equity markets as the new year kicked off with
wild gyrations in the Chinese stock market, which fanned fears
of broader malaise.
The index closed 2015 with an 11 percent loss, its worst
year since the global financial crisis of 2008. On Thursday, the
index dropped into bear market territory, down more than 20
percent from its record high hit in September 2014.
Energy stocks rose 0.2 percent despite a drop in crude oil
prices, including a 2.7 percent gain for Enbridge Inc ENB.TO
to C$44.89.
Oil fell for a fifth straight day on Friday, losing 10
percent on the week. U.S. crude CLc1 prices settled at $33.16
a barrel, down 0.33 percent. O/R
"Even if we saw a base in oil prices, less negative could be
a positive for the Canadian marketplace," Headland said.
Canadian Pacific Railway Ltd CP.TO rose 0.5 percent to
C$159.55. Two trade unions representing workers at No. 4 U.S.
railroad Norfolk Southern Corp (N:NSC) NSC.N have joined a growing
chorus of opposition to an unsolicited bid from Canadian Pacific
Railway. by Bernadette Baum and Leslie Adler)