CANADA STOCKS-TSX slips as energy gains offset by financials, industrials

(Adds strategist comment, detail; updates prices to close)
* TSX ends down 51.11 points, or 0.38 percent, at 13,382.38.
* Six of the TSX's 10 main groups ended lower

By Alastair Sharp
TORONTO, Nov 23 (Reuters) - Canada's main stock index fell
on Monday, weighed by financial, industrial and healthcare
stocks that cancelled out energy gains after the country's main
oil-producing province unveiled a plan to tax carbon emissions
and Saudi Arabia vowed to support oil prices.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE settled down 51.11 points, or 0.38 percent, at
13,382.38. Six of its 10 main groups fall.
The move lower came after a recent bump up from near 13,000
to above 13,500, and included a 3.3 percent decline in Valeant
Pharmaceuticals International Inc VRX.TO to C$117.08 and a 0.5
percent slip for the heavyweight financials group.
"I think the trend is going to be what we've seen through
this year, it's going to be grind higher then be knocked down,
then grind a little higher and be knocked down," said Philip
Petursson, managing director for capital markets and strategy at
Manulife Asset Management.
Shares in power generation company TransAlta Corp TA.TO
were halted in the last half hour of trade up 9.4 percent at
C$5.96. The company later said it would receive a C$540 million
investment from TransAlta Renewables, which it spun off in 2013
but in which it continues to hold a majority stake.
It had earlier cheered the Alberta government's move to
phase out coal-fired generation by 2030, a timeline it said
would not "strand capital".
The province, home to the country's controversial oil sands,
said on Sunday it will implement an economy-wide tax on carbon
emissions in 2017.
Capital Power Corp CPX.TO , which also operates in Alberta,
fell 10.3 percent to C$16.82.
Other energy names appeared to benefit from a Saudi
statement saying it would cooperate with other producers to
achieve market stability, days before the OPEC group meets to
review its year-long policy of not supporting prices.

Cenovus Energy Inc CVE.TO gained 2.3 percent to C$19.96
and Encana Corp ECA.TO advanced 3.5 percent to C$10.67. The
overall energy group added 0.9 percent.
On the other side of the ledger, Royal Bank of Canada
RY.TO slipped 0.8 percent to C$75.49 and Manulife Financial
Corp MFC.TO gave up 0.9 percent to C$21.67.
Canadian National Railway fell 1.6 percent to C$79.12, while
the overall industrials group lost 0.8 percent.
Shares in Manitoba Telecom Services MBT.TO advanced 5.5
percent to C$30.15 after it announced a deal to sell its
Allstream national fiber-optic network.