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CANADA STOCKS-TSX nearly flat as materials rally, energy dips

Published 2017-11-13, 11:04 a/m
© Reuters.  CANADA STOCKS-TSX nearly flat as materials rally, energy dips
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* TSX slips 1.62 points, or 0.01 percent, to 16,037.64

* Four of the TSX's 10 main groups fall

* Materials group rises 0.8 percent

* Energy group declines 0.5 percent

TORONTO, Nov 13 (Reuters) - Canada's main stock index was little changed on Monday, recovering from an earlier 10-day low, as gains for the materials group offset losses for energy shares and investors weighed an uncertain outlook for the proposed U.S. tax overhaul.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent.

Shares of Intertape Polymer Group Inc ITP.TO , surged 15.1 percent to C$20.15 after the manufacturer of specialty tapes reported stronger-than-expected revenue for the third quarter.

Teck Resources Ltd TECKb.TO climbed 2.9 percent to C$28.07, while copper CMCU3 , one of the metals that the company produces, advanced 2.0 percent to $6,920 a tonne. MET/L

At 10:49 a.m. ET (1549 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 1.62 points, or 0.01 percent, to 16,037.64.

It touched its lowest intraday level since Nov. 3 at 15,999.10, as uncertainty over the U.S. tax legislation being considered in Congress pushed world stock markets further away from recent record highs. of the index's 10 main groups were lower, with energy retreating 0.5 percent even as oil prices rose.

U.S. crude CLc1 prices were up 0.3 percent to $56.92 a barrel, supported by Middle East tensions and record long bets by fund managers. Energy Inc CVE.TO fell 1.5 percent to C$14.06 and Enbridge Inc ENB.TO slipped 0.5 percent to C$46.07.

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Canada Goose Holdings Inc GOOS.TO , which had surged last week to a record high after reporting quarterly earnings, fell 5.9 percent to C$31.00.

Industrials slipped 0.3 percent.

Financials, which account for 35 percent of the index's weight, were little changed.

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