(Adds portfolio analyst comment, updates prices to close)
* TSX closes down 7.08 points, or 0.05 percent, at 15,328.15
* Eight of the TSX's 10 main groups move higher
* Index rises 0.5 pct over the week
By Alastair Sharp
TORONTO, Dec 23 Canada's main stock index
slipped on Friday, ending a six-day rising streak as losses
among energy and financial stocks outweighed gains for gold
The Toronto Stock Exchange's S&P/TSX composite index
ended down 7.08 points, or 0.05 percent, at 15,328.15.
It rose 0.5 percent on the week.
Six of its 10 main groups rose, with the heavyweight energy
group down 0.7 percent and financials off 0.2 percent. Those two
sectors combine to account for 57 percent of the index's weight.
Crescent Point Energy Corp fell 1.9 percent to
C$18.17 and Bank of Montreal slipped 0.2 percent to
The Canadian economy retreated in October due to widespread
weakness in the manufacturing sector and a decline in oil and
gas extraction, raising the risk fourth-quarter growth could
slow more than the Bank of Canada anticipates.
"There's the unexpected October contraction, which we viewed
as not so unexpected," said Simon Jochlin, a portfolio analytics
associate at StennerZohny Investment Partners+, part of
Richardson GMP Ltd.
He said he thinks there is a 50 percent chance that the
Canadian economy falls into recession in 2017, forcing the
central bank to cut rates next year.
"When you do have consumers as leveraged as they are and a
disproportionate allocation to real estate and indirect
dependence on it for output and growth, it could very quickly
impact sectors throughout," he said.
The materials group, which includes precious and base metals
miners and fertilizer companies, rose 1 percent as bullion
prices edged higher.
Oceanagold Corp rose 3.5 percent to C$3.51 and
Iamgold Corp rose 3.6 percent to C$4.55.
CGI Group Inc added 1 percent to C$63.73. The IT
company said on Thursday it had signed a 10-year, $150 million
deal to renew and expand its partnership with iA Financial
Logistics software company Descartes Systems Group
rose 1.9 percent to C$28.57. It said it has acquired trade data
company Datamyne for $52.7 million in cash.
(Reporting by Alastair Sharp; editing by Chizu Nomiyama;
Editing by Diane Craft)