TSX little changed after big weekly gain; energy stocks up
TORONTO (Reuters) - Canada's main stock index was little changed in morning trade on Friday, pausing after a sharp rise this week, as gains for energy stocks were somewhat offset by losses among miners.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was on track for a 1.9 percent gain on the week.
At 10:24 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 7.22 points, or 0.05 percent, at 14,833.31, with the energy group up 0.7 percent.
The most influential gainers included Suncor Energy Inc (SU.TO: Quote), which rose 0.9 percent to C$41.57 and Canadian Natural Resources Ltd (CNQ.TO: Quote), up 0.7 percent at C$42.65. Encana Corp (ECA.TO: Quote) advanced 2.3 percent to C$15.67.
The Canadian energy industry is expected to broadly benefit from the U.S. presidency of Donald Trump, who has said he would approve the Keystone XL pipeline that would give Canadian crude better access to U.S. markets.
Oil prices were little changed on the day but headed for their first weekly gain in five, buoyed by renewed hopes that OPEC might agree production cuts. [O/R]
The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent.
Diversified miner Teck Resources Ltd TCKb.TO was among the heaviest weights, down 2 percent to C$30.83, while Kinross Gold Corp K.TO fell 2.5 percent to C$4.67.
Copper was headed for its sharpest weekly fall in a month, after surging more than 11 percent last week in its biggest such gain since October 2011 on bets Trump's plan to hike U.S. infrastructure spending and cut taxes would boost the world's top economy. [MET/L] Continued...