CANADA STOCKS-TSX gains, but resource stocks still in funk
(Adds portfolio manager comment, updates prices to close)
* TSX ends up 39.48 points, or 0.28 percent, at 14,277.88
* Eight of TSX's 10 main groups gain, hefty resource stocks fall
By Alastair Sharp
TORONTO, Aug 14 (Reuters) - Canada's main stock index gained on Friday, but the rise was limited by continued weakness in mining and oil and gas shares.
Eight of the 10 main sectors on the Toronto Stock Exchange's S&P/TSX composite index advanced, though advancers barely outnumbered decliners in low-volume trade and the index still notched a 0.2 percent weekly decline as weak crude oil prices weigh.
"Toronto is directionless with a downward bias," said Norman Levine, managing director at Portfolio Management Corp. "It's long overdue and welcome. We've got stuff we want to buy. We're getting closer to when we're going to do that."
The index ended up 39.48 points, or 0.28 percent, at 14,277.88, losing momentum as U.S. crude prices hit fresh 6-1/2-year lows before settling barely higher at $42.50 a barrel.
Levine said widely owned Crescent Point Energy Corp's sudden cut to what had been considered an ironclad dividend earlier in the week was weighing on the shares of its peers as investors questioned whether more cuts were to come. Continued...