TSX ends near flat as oil drop weighs on energy

Fri Nov 25, 2016 4:38pm EST
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index ended nearly unchanged on Friday as several utilities jumped after Alberta agreed to pay them compensation and financial and railroad stocks climbed, while energy names fell as oil prices pulled back.

It was the second straight day of lower than usual trading volumes as U.S. markets closed early after the Thanksgiving holiday on Thursday.

"The TSX is holding up really well" considering the pullback in oil prices, said Colin Cieszynski, senior market analyst at CMC Markets Canada.

U.S. crude oil futures settled $1.90 lower at $46.06, pressured by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts. [O/R]

The energy sector fell 1.7 percent, with Suncor Energy Inc (SU.TO: Quote) down 1.3 percent at C$41.96.

Still, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 0.24 points, or 0 percent, at 15,075.44.

For the week, the index advanced 1.4 percent, extending its rally since the U.S. election.

"What concerns me there is that we have markets that are really overbought," said Cieszynski.   Continued...

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector.   REUTERS/Mark Blinch