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CANADA STOCKS-TSX flat as Corus, Klondex fall; resources stocks gain

Published 2018-01-10, 10:28 a/m
© Reuters.  CANADA STOCKS-TSX flat as Corus, Klondex fall; resources stocks gain

* TSX down 8.15 points, or 0.05 percent, at 16,311.09

* Energy and materials groups both gains 0.7 pct

TORONTO, Jan 10 (Reuters) - Canada's main stock index hovered around unchanged in morning trade on Wednesday, pressured by slumps in media company Corus Entertainment Inc CJRb.TO and miner Klondex Mines Ltd KDX.TO but buoyed by gains among other miners, financial stocks and some energy companies.

* Corus fell 9.4 percent to C$10 after missing quarterly profit and revenue expectations due to a weak television advertising market. Klondex lost 10.5 percent to C$2.65 after announcing it would pull back on operations at its True North project in Manitoba. At 10:22 a.m. EST (1522 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 18.4 points, or 0.11 percent, to 16,337.64. Earlier, it had been slightly lower.

* The energy group climbed 0.7 percent, with Crescent Point Energy Corp CPG.TO rising 4.1 percent to C$10.90 as analysts at two banks increased their price targets on the stock following the release of the company's 2018 budget. Oil prices hit fresh multi-year highs as OPEC-led production cuts and healthy demand helped to balance the market, but analysts warned of possible overheating. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent. Those gains were led by gold miners boosting by higher bullion prices.

* Gold futures GCc1 rose 0.7 percent to $1,320.7 an ounce, as a report that Chinese officials had recommended slowing or halting U.S. Treasury purchases sparked a broad-based sell-off of the dollar, lifting assets priced in the U.S. currency. GOL/

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* The financials group gained 0.2 percent, with Manulife Financial Corp MFC.TO up 0.9 percent at C$26.89.

* The energy, materials and financials groups combine to account for roughly two-thirds of the index's weight.

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