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CANADA STOCKS-TSX down, still set for longest weekly gain in 21 years
November 10, 2017 / 3:48 PM / 12 days ago

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

(Updates throughout with historical milestone, stock and index moves)

* 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 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 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, 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 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 dropped 7.5 percent to C$33.08 and CAE Inc lost 3.7 percent to C$22.04 after both companies reported weaker-than-expected results.

The materials group, home to precious and base metals miners and fertilizer companies, dipped 0.1 percent. Gold futures were off 0.2 percent at $1,283.3 an ounce, but on track for its first weekly rise in a month. Copper prices advanced 0.2 percent to $6,820 a tonne as a weaker U.S. dollar bolstered metal prices.

Hydro One Ltd 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. (Reporting by Solarina Ho; Editing by Susan Thomas)

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