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CANADA STOCKS-TSX flat as energy gets lift from oil; miners drag

Stock MarketsSep 13, 2017 10:50
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CANADA STOCKS-TSX flat as energy gets lift from oil; miners drag

* TSX up 3.46 points, or 0.02 percent, to 15,146.87

* Half of the TSX's 10 main groups rise

TORONTO, Sept 13 (Reuters) - Canada's main stock index was little changed on Wednesday as mining losses, driven by lower metal prices, were offset by gains in the heavily weighted energy and financial sectors.

The market tracked global sentiment, as shares of Apple Inc AAPL.O fell on profit-taking after Tuesday's gains. Resources Ltd TECKb.TO fell 4.9 percent to C$26.87, while First Quantum Minerals Ltd FM.TO declined 2.9 percent to C$13.40 as copper prices fell to three-week lows on profit-taking, rising stocks in London Metal Exchange warehouses and nervousness about Chinese demand. prices CMCU3 were down 2.0 percent to $6,538 a tonne around mid-morning. MET/L

The overall materials group, which includes precious and base metals miners and fertilizer companies, gave back 1.1 percent, with losses tempered by a 13.9 percent rally in Eldorado Gold's ELD.TO stock after Greece said it would grant permits for the miner's Olympias project this week. Eldorado was last trading at C$2.75 a share. 10:19 a.m. ET (1419 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE nudged up 3.46 points, or 0.02 percent, to 15,146.87.

Half of the index's 10 key sectors advanced, with oil and gas companies rallying 1.4 percent, supported by a jump in crude prices after the International Energy Agency (IEA) said a global surplus was beginning to shrink due to strong global demand and an output drop from key producers. O/R Natural Resources CNQ.TO rose 1.5 percent to C$39.67 a share while Encana Corp ECA.TO gained 3.4 percent to C$12.12 a share.

U.S. crude CLc1 prices were up 1.1 percent to $48.75 a barrel.

The influential financials group gained 0.3 percent, though individual gains were modest.

Industrials fell 0.6 percent, with Canadian Pacific Railway Ltd CP.TO off 1.9 percent to C$192.20 a share after a price and ratings cut by National Bank of Canada. The Bank also trimmed its target price for Canadian National Railway CNR.TO , which slipped 1.0 percent to C$98.66 a share.

Declining issues outnumbered advancing ones on the TSX by 138 to 109, for a 1.27-to-1 ratio on the downside.

The index had three issues posting a new 52-week high and none posting new lows.

CANADA STOCKS-TSX flat as energy gets lift from oil; miners drag
 

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