CANADA STOCKS-TSX slips as resource stocks weigh; still up 2.7 pct on week

Fri Nov 20, 2015 4:39pm EST
 
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(Adds portfolio manager comment, details; updates prices to close)

* TSX ends down 40.34 points, or 0.30 percent, at 13,433.49

* Seven of TSX's 10 main groups rise; three biggest groups fall

* Index gains 2.7 percent on week

By Alastair Sharp

TORONTO, Nov 20 (Reuters) - Canada's main stock index pulled back on Friday as weakness in heavyweight energy and material stocks amid volatile oil price action and a disappointing drop in retail sales tarnished a week of decent gains.

The materials group fell 2.5 percent and energy names lost 1.9 percent, as gold fell toward a six-year low and U.S. oil slumped before short-covering pushed it back above the $40 a barrel level at the settlement.

"Technically, oil looks like it is breaking down," said Bryden Teich, associate portfolio manager at Avenue Investment Management. "The forward curve has come in, storage is filling up and people are concerned about supply coming online."

Suncor Energy Inc, whose strong balance sheet has made it a favorite of fund managers unwilling to completely avoid the sector, fell 1.4 percent to C$36.60.   Continued...