CANADA STOCKS-TSX slips as resources offset National Bank gain
* TSX down 31.21 points, or 0.20 percent, at 15,588 * Eight of 10 main index sectors decline * Talisman slips on news of struggle to sell itself * National Bank jumps 2.4 percent after results By John Tilak TORONTO, Aug 27 (Reuters) - Canada's main stock index eased on Wednesday after hitting a record high in the previous session as weakness in energy and materials shares weighed, offsetting a gain in National Bank of Canada after the lender reported strong quarterly results. A 3.9 percent drop in Talisman Energy Inc, after news that the oil company had run into difficulties trying to sell itself to Spanish energy company Repsol SA, was also a drag. National's shares jumped 2.4 percent as the country's sixth-largest bank reported a stronger quarterly profit, helped by a sharp jump in earnings at its wealth management and financial markets arms. The benchmark index has climbed about 14.5 percent this year, so some investors are bracing for a potential correction. "Our view is that the market is somewhat ahead of fundamentals, so I would not be surprised to see a setback somewhere along the way," said Michael Sprung, president of Sprung Investment Management. "Our cash positions have been building a little bit," he added. "We don't think there is any need to run to the exits by any means, but we are taking some profits in companies where we have made substantial gains." The Toronto Stock Exchange's S&P/TSX composite index was down 31.21 points, or 0.20 percent, at 15,588. Eight of the 10 main sectors on the index were in the red. The materials sector, which includes mining stocks, shed 0.6 percent, with Barrick Gold Corp losing 0.8 percent to C$19.75 and Agrium declining 1.2 percent to C$102.14. Shares of energy producers slipped, with Canadian Natural Resources Ltd dropping 0.3 percent at $47.04 and Talisman falling to $11.24. Talisman was the main drag on energy shares, while choppy commodity prices weighed on the materials sector. (Editing by James Dalgleish)
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