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CANADA STOCKS-TSX rally ends as energy stocks slip

Published 2015-10-09, 04:40 p/m
© Reuters.  CANADA STOCKS-TSX rally ends as energy stocks slip
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(Adds strategist comment, updates prices to close)
* TSX ends down 14.30 points, or 0.10 percent, at 13,964.36
* Half of the TSX's 10 main groups fall
* Index jumped almost 5 pct on the week

By Alastair Sharp
TORONTO, Oct 9 (Reuters) - A five-day winning streak for
Canada's main stock index ended on Friday, but only just, as
energy shares pulled back from a recent rally while mining
stocks pushed higher on rising bullion prices.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE fell 14.30 points, or 0.10 percent, at 13,964.36, with
advancers and decliners almost evenly split.
Investors pushed the index up almost 5 percent this week,
largely on the back of gains in the heavyweight energy sector,
as appetite for riskier assets pushed commodities prices higher.
That sentiment was helped by minutes from the U.S. Federal
Reserve's September meeting that showed it was in no hurry to
hike interest rates, which pushed gold to a seven-week high.
Gold miners were among the index's top performers, with
Goldcorp Inc G.TO rising 6.1 percent to C$18.75 and Barrick
Gold Corp ABX.TO up 5.5 percent to C$9.84.
The weekly gains was the biggest so far this year, and put
the index at its highest level since August.
"We've had a decent period of consolidation. This correction
that we've seen has let off some of the steam in the markets,"
said Philip Petursson, managing director for capital markets and
strategy at Manulife Asset Management.
"Now we can re-evaluate on somewhat better valuations, more
realistic earnings expectations, and a more favorable outlook
over the next 12 months," he said.
Heavily-weighted Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.TO also boosted the index, jumping 2.1 percent to
C$227.56.
With oil prices little changed in choppy trade, investors
limited their positions ahead of the weekend, extended in Canada
by Thanksgiving on Monday.
Suncor Energy Inc SU.TO lost 1.3 percent to C$36.67 and
TransCanada Corp TRP.TO fell 1.7 percent to C$45.05. Overall,
energy stocks eased 1.3 percent, while the financials group
slipped 0.6 percent.
U.S. crude CLc1 prices were up 0.1 percent to $49.50 a
barrel, while Brent crude LCOc1 lost 1.1 percent to $52.48.
O/R Gold futures GCc1 rose 1.1 percent to $1,157.1 an ounce.
GOL/
The materials group .GSPTTMT , where miners and other
non-energy resource names reside, jumped 1.8 percent.
Toronto-Dominion Bank TD.TO led the financials retreat,
dipping 0.9 percent to C$53.05, while Royal Bank of Canada
RY.TO was off 0.7 percent at C$73.90.

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