CANADA STOCKS-TSX nearly flat as energy stocks gain offset by telecoms, banks

Thu Aug 18, 2016 10:46am EDT
 
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(Updates prices)

* TSX up 4.5 points, or 0.03 percent, at 14,702.10

* Valeant up 2.6 pct after debt deal; Brookfield down 1.2 pct

TORONTO, Aug 18 (Reuters) - Canada's main stock index seesawed on Thursday as energy stocks gained with higher oil prices and Valeant rose after it reached a debt deal, while bank and telecommnications stocks retreated.

At 10:09 a.m. EDT (1409 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 4.5 points, or 0.03 percent, at 14,702.10.

The most influential gainers included Valeant Pharmaceuticals International Inc, which rose 2.6 percent to C$39.50 after the company said it agreed with its creditors to amend loan terms.

The heavyweight energy group climbed 0.8 percent, with Suncor Energy Inc up 0.7 percent to C$36.59, as Brent crude hit a six-week high above $50 a barrel.

Brookfield Asset Management declined 1.2 percent to C$44.12. A source told Reuters on Wednesday that the company plans to buy a majority stake in a water and sewage company to add to its holdings which include property, infrastructure, renewable energy and construction investments.

The financials group slipped 0.3 percent, while the materials group, which includes precious and base metals miners as well as fertilizer companies, added 0.2 percent.   Continued...