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.
- 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.
- 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.
- 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