January 9, 2018 / 12:36 PM / 3 months ago

TSX steady as energy stocks gain, materials fall

TORONTO (Reuters) - Canada’s main stock index ended flat on Tuesday, as shares of energy and marijuana producers rose and a real estate trust surged on a buyout offer, balancing a dip in the materials group which was pressured by a drop in gold prices.

FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo

- Pure Industrial Real Estate Trust (AAR_u.TO) jumped 20.4 percent to C$8.09, one cent below the all-cash offer a Blackstone Group (BX.N) affiliate made for the Canadian REIT.

- The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 1.59 points, or 0.01 percent, at 16,319.24.

- The energy group climbed 1.2 percent, as U.S. crude touched its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week in a row.

- Shares of Encana Corp (ECA.TO) advanced 2.8 percent to C$17.01 after the company estimated fourth-quarter production from its core assets would top its own forecast.

- The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.0 percent.

- Kinross Gold Corp (K.TO) fell 3.9 percent to C$5.17 and Barrick Gold Corp (ABX.TO) was off 0.8 percent at C$18.14 as gold futures GCc1 fell 0.7 percent to $1,309.6 an ounce. [GOL/]

- Nutrien Ltd (NTR.TO), the fertilizer company formed last week by a merger of Potash Corp of Saskatchewan and Agrium, fell 1.7 percent to C$65.70.

- Marijuana producers were also among the biggest gainers. Canopy Growth Co (WEED.TO) climbed 5.5 percent to C$42.07 and Aphria Inc (APH.TO) was up 4.1 percent at C$22.89.

- Six of the index’s 10 main groups gained, although decliners outnumbered advancers by 1.3-to-1 overall.

    Reporting by Alastair Sharp and Fergal Smith; Editing by Susan Thomas and Alistair Bell

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