CANADA STOCKS-TSX steady as resources slip, National Bank gains

Wed Aug 27, 2014 4:42pm EDT
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* TSX down 16.56 points, or 0.11 percent, at 15,602.65
    * Six of 10 main index sectors decline
    * Talisman slips on news of struggle to sell itself
    * National Bank jumps 3.1 percent after results

    By John Tilak
    TORONTO, Aug 27 (Reuters) - Canada's main stock index was
little changed on Wednesday, a day after hitting a record high,
as weakness in energy and materials shares was offset by a gain
in National Bank of Canada after the lender reported quarterly
    Also weighing on the index, Talisman Energy Inc 
fell 5.1 percent after news that the oil company had run into
difficulties trying to sell itself to Spanish energy company
Repsol SA. 
    National Bank of Canada jumped 3.1 percent as the
country's sixth-largest bank reported a stronger quarterly
profit, helped by a sharp jump in earnings in its wealth
management and financial markets arms. 
    The benchmark index has climbed about 14.5 percent this
     "There is a sense of caution in the air," said Diana
Avigdor, portfolio manager and head of trading at Barometer
Capital Management.
    "But there's no reason why we should have a major selloff
based on a macroeconomic environment that is stable, rates that
are very low and earnings that were fairly good."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 16.56 points, or 0.11 percent, at
15,602.65. Six of the 10 main sectors on the index were in the
    The materials sector, which includes mining stocks, shed 1
percent, with Barrick Gold Corp losing 1.2 percent to
C$19.66 and Agrium declining 1 percent to C$102.31. 
    Shares of energy producers slipped, with Canadian Natural
Resources Ltd dropping 0.9 percent at C$46.76 and
Talisman falling to $11.10.
    Talisman was the main drag on energy shares, while choppy
commodity prices weighed on the materials sector.

 (Editing by James Dalgleish and Leslie Adler)