CANADA STOCKS-TSX lower as oil weighs, but Hudson's Bay jumps

Mon Nov 24, 2014 10:49am EST
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* TSX down 35.68 points, or 0.24 percent, at 15,075.45

* Hudson's Bay up 9 percent as investors cheer debt deal (Adds fund manager's comment, details, updates prices)

TORONTO Nov 24 (Reuters) - Canada's main stock index slipped on Monday with heavyweight energy shares taking a hit from sluggish oil prices, offset by gains in railways, banks, and a surge in Hudson's Bay Co, which outlined a $1.25 billion refinancing plan.

The two main railways, Canadian National and Canadian Pacific, were the top performers, with CN Rail adding 1.2 percent to C$81.95 and CP gaining 1.5 percent to C$233.48.

"They are a proxy for the (Canadian and U.S.) economies," John Kinsey, a portfolio manager at Caldwell Securities, said of the pair. "I think personally they're a little bit pricey but you can't argue with the success they've had."

Signs that central banks in Asia and Europe are moving to support economic growth and inflation led to broad gains on most North American stock markets.

But with crude oil steady around $80 a barrel, near four-year lows, companies that extract or sell it were among the heaviest weights on the Canadian index.

Suncor Energy was down 1.6 percent at C$39.86, and Canadian Natural Resources shed 1.9 percent to C$41.86.

The Toronto Stock Exchange's S&P/TSX composite index was down 35.68 points, or 0.24 percent, at 15,075.45.   Continued...