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CANADA STOCKS-Energy shares drag TSX lower as oil prices slip

Published 2018-06-06, 10:54 a/m
© Reuters.  CANADA STOCKS-Energy shares drag TSX lower as oil prices slip
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June 6 (Reuters) - Canada's main stock index edged lower on Wednesday, weighed down by energy stocks that slipped due to lower oil prices.

* At 10:12 a.m. ET (1412 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 23.24 points, or 0.14 percent, at 16,099.01.

* The energy sector .SPTTEN slipped 0.4 percent as oil prices fell on increasing signs that Saudi Arabia and other big crude producers may raise supply to balance a surge in demand during the peak U.S. summer driving season. O/R

* Eight of the index's eleven major sectors were lower, led by the energy group.

* The industrials sector .GSPTTIN slid 0.4 percent led by declines in the shares of Canadian National Railway CNR.TO . The railroad operator said it would invest C$340 million in British Columbia. Economic data showed Canada's trade deficit shrank to a six-month low, as exports climbed to a record high and imports dropped. The Canadian dollar strengthened to a near one-week high against its U.S. counterpart on smaller-than-expected trade deficit data and as the greenback broadly fell. Monthly Canadian building permits sunk by most in five months in April, another piece of economic data showed. On the NAFTA front, Mexico's economy minister said he expects a better than 50 percent chance of reaching an agreement this year. On the TSX, 118 issues were higher, while 111 issues declined for a 1.06-to-1 ratio favouring gainers, with 10.20 million shares traded.

* Steady gold prices lifted stocks of precious metal miners, led by 3 percent rise in Alacer Gold Corp ASR.TO and 2.2 percent gain in Ivanhoe Mines Ltd IVN.TO . GOL/

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* The biggest drag on the TSX was Dream Global REIT DRG_u.TO , which slipped 2.9 percent following an equity offering.

* The second biggest decliner on the TSX was Hudson's Bay Co HBC.TO , down 2.0 percent, after analysts cut price targets following dismal first-quarter results.

* The most heavily traded shares by volume were of cannabis firms Aurora Cannabis ACB.TO , Green Organic Dutchman Holdings Ltd TGOD.TO and Canopy Growth Co WEED.TO .

* The TSX posted five new 52-week highs and no new lows.

* Across all Canadian issues there were 12 new 52-week highs and seven new lows, with total volume of 18.61 million shares.

* U.S. President Donald Trump may seek separate talks with Canada and Mexico in a bid to get individual trade deals with the two countries, White House economic adviser Larry Kudlow said on Tuesday.

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