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CANADA STOCKS-TSX down, still set for longest weekly gain in 21 years

Published 2017-11-10, 10:45 a/m
© Reuters.  CANADA STOCKS-TSX down, still set for longest weekly gain in 21 years
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* TSX down 23.08 points, or 0.14 percent, to 16,059.01

* Half of the TSX's 10 main groups were lower

* TSX on track for nine straight weeks of gains

* Index rose for 13 straight weeks in late 1996

TORONTO, Nov 10 (Reuters) - Canada's main stock index fell on Friday, but was still on track for its longest weekly winning streak in more than two decades after hitting a record high on Tuesday.

After underperforming major global indices for much of the year, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE has rallied more than 7 percent since early September.

The TSX's nine consecutive weeks of gains, a feat not seen since 1996 when it rose for 13 straight weeks, was fueled in large part by energy stocks that profited from a nearly 25 percent rise in U.S. crude oil prices.

On Friday, Manulife Financial Corp MFC.TO was the most influential drag on the index, falling 1.7 percent to C$27.01. Four of the index's five heftiest negative drivers were bank stocks, with the financial subgroup slipping 0.5 percent.

Offsetting some of the declines was TSX operator, TMX Group Ltd X.TO , which rose 0.8 percent to C$71.01 after posting a better-than-expected quarterly profit.

At 10:19 a.m. ET (1519 GMT), the TSX fell 23.08 points, or 0.14 percent, to 16,059.01.

Half out of the 10 primary sectors lost ground.

Offsetting some of the losses was a 0.3 percent rise in energy stocks. U.S. crude prices held steady as supply cuts and expectations of an output deal extension underpinned support.

TransCanada Corp TRP.TO was up 1.1 percent at C$62.42 to lead the gainers.

Industrials also added some pressure, falling 0.5 percent. Ritchie Bros. Auctioneers Inc RBA.TO dropped 7.5 percent to C$33.08 and CAE Inc CAE.TO lost 3.7 percent to C$22.04 after both companies reported weaker-than-expected results. materials group, home to precious and base metals miners and fertilizer companies, dipped 0.1 percent. Gold futures GCc1 were off 0.2 percent at $1,283.3 an ounce, but on track for its first weekly rise in a month. Copper prices CMCU3 advanced 0.2 percent to $6,820 a tonne as a weaker U.S. dollar bolstered metal prices. GOL/ MET/L

Hydro One Ltd H.TO shares fell 0.8 percent to C$22.79 as third-quarter profit fell.

Declining issues outnumbered advancing ones on the TSX by 137 to 102, for a 1.34-to-1 ratio on the downside.

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