CANADA STOCKS-TSX dips as energy shares weigh; Celestica shines

Fri Jan 27, 2017 5:10pm EST
 
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(Adds portfolio manager quotes, details; updates prices)

* TSX closes down 39.71 points, or 0.25 percent, at 15,575.81

* Five of TSX's 10 main groups end lower

By Fergal Smith

TORONTO, Jan 27 (Reuters) - Canada's benchmark stock index dipped for a second straight day on Friday as oil prices fell and some heavyweight energy shares lost ground, while electronics manufacturer Celestica Inc jumped to a 12-year high.

The energy group retreated 1 percent as oil prices slipped on an increased focus on U.S. production increases. U.S. crude oil futures settled 61 cents lower at $53.17 a barrel.

Energy stocks got a boost on Tuesday from revived prospects for the Keystone XL pipeline. But on Monday the group had hit a nearly two-month low amid investor worries about a potential U.S. border adjustment tax.

"Prime Minister (Justin) Trudeau has to play his cards pretty carefully here. The last thing you want is have some sort of taxation on oil going into the U.S," said Ian Nakamoto, equity specialist at MacDougall, MacDougall & MacTier, a division of Raymond James.

TransCanada Corp fell 1.3 percent to C$62.71 as the country's energy regulator said it would restart from the beginning a hearing into the company's proposed Energy East pipeline.   Continued...