CANADA STOCKS-TSX edges higher despite slumping oil stocks

Tue Feb 10, 2015 4:55pm EST
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* TSX ends up 11.82 points, or 0.08 percent, at 15,112.52

* Eight of 10 main index sectors advance

* Oil and gas shares slip with crude price

By Alastair Sharp

TORONTO, Feb 10 (Reuters) - Canada's benchmark stock index eked out a small gain on Tuesday, with a broad but shallow rally mostly canceled out by resources stocks' retreat amid further oil price slips.

Oil prices fell after the International Energy Agency earlier said global crude supplies could approach record highs, its first slip in four sessions.

Among the heavyweights on the index, Suncor Energy Inc gave back 2.2 percent to C$38.42, Canadian Natural Resources Ltd lost 2.1 percent to C$38.63, and Crescent Point Energy Corp fell 2.6 percent to C$31.70.

"The market is exhausted. We've not seen volatility like this in years, a lot of players haven't seen this ever in their careers," said Rick Hutcheon, president and chief operating officer at RKH Investments.

High-yielding names in telecom, banking and utilities were most attractive in the circumstances, he said, adding that Suncor, Crescent Point and Imperial Oil Ltd had balance sheets capable of acquiring assets from a struggling junior if the opportunity presented itself.   Continued...