CANADA STOCKS-TSX flat as Valeant, miners weigh; eyes fourth weekly gain

Fri Jul 22, 2016 10:23am EDT
 
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(Adds details on stocks and sectors, updates prices)

* TSX down 8.83 points, or 0.06 percent, at 14,557

* Six of the TSX's 10 main groups were higher

* Index on track for 0.5 percent gain on week

TORONTO, July 22 (Reuters) - Canada's main stock index slipped on Friday but was on track for its fourth straight weekly gain as losses for materials stocks and Valeant Pharmaceuticals International Inc were offset by rising telecom, railway and banking stocks.

Valeant declined 3.3 percent to C$30.96 after U.S. regulators raised concerns about a new eye drop the company manufactures.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.0 percent, with Barrick Gold Corp down 0.8 percent to C$26.50, Tahoe Resources off 2.8 percent to C$19.48, and Yamana Gold losing 2.3 percent to C$7.13.

The index's gold miners, which typically rise with the precious metal at times of risk aversion, have in recent weeks both cushioned sharp losses elsewhere in the index and limited the upside when equities are broadly higher.

Gold futures fell 0.8 percent to $1,320.4 an ounce.   Continued...