TORONTO (Reuters) - Canada’s main stock index slipped on Friday as energy shares pulled back with oil prices ahead of a weekend producer meeting, while Bombardier stock gained on reports it is close to a deal to sell up to 125 CSeries jets to a U.S. airline.
The shares initially rose as much as 17 percent to C$1.79 and closed up 5.9 percent at C$1.62.
The energy group retreated 2.3 percent, with oil prices lower as analysts said a Sunday meeting of producers, led by top exporters Russia and Saudi Arabia to discuss freezing output, would do little to help to quickly clear a global oversupply.
“All these countries are producing as much as they possibly can produce,” said Bryden Teich, associate portfolio manager at Avenue Investment Management. “It’s a little bit of trickery.”
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 31.09 points, or 0.23 percent, at 13,637.20.
It gained 1.8 percent on the week, its best weekly performance in more than a month, touching its highest level since Nov. 4 on Wednesday.
Seven of the index’s 10 main groups fell on Friday, with a roughly equal number of decliners and advancers overall.
Mitel Networks Corp (MNW.TO) fell 9.6 percent to C$9.11 after announcing it would pay about $1.96 billion in cash and stock to acquire fellow voice and telephony gear maker Polycom Inc PLCM.O.
The materials group, which includes precious and base metal miners and fertilizer companies, gained 1.4 percent.
Canadian manufacturing sales tumbled more than expected in February, giving back some of their recent strength as sales of vehicles and petroleum products dropped, data showed on Friday.
Editing by Lisa Von Ahn