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CANADA STOCKS-TSX ends flat as miner gains offset weaker energy
August 21, 2017 / 9:29 PM / 4 months ago

CANADA STOCKS-TSX ends flat as miner gains offset weaker energy

(Adds advisor comment, detail on TD, updates prices)

* TSX ends down 0.45 points at 14,951.88

* Six of the TSX’s 10 main groups move higher

By Alastair Sharp

TORONTO, Aug 21 (Reuters) - Canada’s main stock index ended flat on Monday, as sharp gains for several base metal miners and a major bank offset losses for heavyweight energy stocks as crude oil prices turned sharply lower.

Toronto-Dominion Bank rose 1.1 percent to C$64.41 after Moody’s said it had a very strong credit profile and better financial metrics than peers.

First Quantum Minerals Ltd jumped 5 percent to C$13.54 after Zambia restored full electricity supply to two of its copper mines over the weekend, after reducing them last week due to a pricing dispute.

The materials group, which also includes precious metal miners and fertilizer companies, added 1 percent. Five more of the index’s 10 main groups traded in positive territory.

Copper hitting its highest level since late 2014 also boosted First Quantum and other copper mining companies, with Hudbay Minerals Inc up 4.2 percent to C$10.38 and Lundin Mining Corp adding 2 percent to C$9.21.

But the energy group retreated 1.6 percent, as oil prices fell nearly 2 percent ahead of monthly contract expiration, pulling back from last week’s rally.

“That is obviously not good, and energy names are paying the price for that,” said Allan Small, a senior investment advisor at HollisWealth.

Suncor Energy Inc ended down 1.6 percent at C$38.88 and Canadian Natural Resources Ltd fell 1.9 percent to C$38.

HollisWealth’s Small said that with crude prices stuck in a range Canadian domestic producers were less attractive than global companies paying higher dividends.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day down 0.45 points at 14,951.88.

Marijuana company CannTrust Holdings Inc, settled at C$2.50 on its first day of public trade on the smaller Canadian Securities Exchange, after pricing convertible warrants at C$2 in June. (Reporting by Alastair Sharp; Editing by Nick Zieminski and Tom Brown)

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