CANADA STOCKS-TSX slips; energy shares, CN Rail results weigh
* TSX falls 34.45 points, or 0.27 percent, to 12,759.80 * Nine of 10 main sectors decline * Canadian Natural Resources falls 1.8 percent By John Tilak TORONTO, Jan 22 (Reuters) - Canada's main stock index slipped on Tuesday, led by a decline in energy shares on volatile oil prices and Canadian National Railway Co after its results, as investors turned to company earnings reports for signs of an economic recovery. CN Rail slipped 1 percent to C$93.82 after the country's biggest rail carrier reported higher fourth-quarter profit on Tuesday, lifted by a gain in freight volumes and more efficient operations. Investors have been shifting their attention between macroeconomic concerns and corporate results, and expectations have been muted for the resource sector this quarter. "The focus here for the moment turns back to earnings, back to individual companies," said Gareth Watson, vice president, investment management and research, at Richardson GMP. "Just looking at the commodities alone, I wouldn't say the markets are expecting anything spectacular coming up," he said. The energy sector fell 0.4 percent, with Canadian Natural Resources Ltd giving back 1.8 percent to C$29.89. Oil prices were little changed. At midmorning, the Toronto Stock Exchange's S&P/TSX composite index was down 34.45 points, or 0.27 percent, at 12,759.80. The index eased from a near 18-month high it hit on Monday. Nine of the 10 main sectors on the index were in the red. The industrials sector slipped 0.2 percent, dragged down by CN Railway. The pullback in the stock is a reflection that it has been doing very well since the start of the year, Watson said. "I still think it's a solid story. But I don't think the results that came in justify the big run-up we've had since January," he added.
© Thomson Reuters 2017 All rights reserved.