October 27, 2015 / 2:31 PM / 2 years ago

CANADA STOCKS-TSX slips as energy fall offset by banks, others

3 Min Read

(Updates with early trade, adds details)

* TSX down 4.26 points, or 0.03 percent, at 13,786.64

* Six of its 10 main groups rise, energy stocks weigh

TORONTO, Oct 27 (Reuters) - Canada's main stock index slipped on Tuesday, hurt by a pullback in the country's two main railways and losses among energy stocks as rising worries about a supply glut pushed oil prices lower.

Those weights were offset by rising bank stocks, bounces in two companies targeted by short-sellers, and an earnings beat for the owner of the Tim Hortons coffee chain.

At 10:10 a.m. ET (1410 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 4.26 points, or 0.03 percent, at 13,786.64.

Declining issues outnumbered advancers at a 1.8-to-1 ratio.

The heavyweight financials group added 1.2 percent, with Toronto-Dominion Bank up 0.9 percent at C$54.69 and Bank of Nova Scotia adding 1.1 percent to C$62.43.

Among the most influential were Canadian Natural Resources Ltd, which fell 2.4 percent to C$29.59, and Suncor Energy Inc, which declined 1.1 percent to C$36.63.

The overall energy group was down 3.6 percent, while industrial stocks and utilities both lost more than 2 percent.

U.S. crude prices were down 2.3 percent to $42.96 a barrel, while Brent lost 1.5 percent to $46.82.

Canadian National Railway Co lost 1.5 percent to C$80.60, pulling back after a solid rally ahead of its earnings release due after the market close.

Its rival Canadian Pacific Railway lost 2.6 percent to C$195.88.

On the positive side of the ledger, Valeant Pharmaceuticals International Inc added 2 percent to C$148.20.

Valeant stock has tumbled in recent weeks and months, firstly on scrutiny of its price hike strategy and lately due to a short-seller's accusation it had artificially inflated its revenue.

Financial technology company D+H Corp gained 2.5 percent to C$32.94 after urging its investors not to rely on a "misleading" report by a hedge fund it said was short selling the stock. The stock had fallen almost 17 percent on Monday.

Restaurant Brands International Inc advanced 5.2 percent to C$52.78. The owner of Burger King and coffee chain Tim Hortons beat earnings expectations.

Reporting by Alastair Sharp; Editing by Jeffrey Benkoe and Nick Zieminski

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