January 22, 2013 / 4:33 PM / 6 years ago

CANADA STOCKS-TSX slips; energy shares, CN Rail results weigh

* TSX falls 34.45 points, or 0.27 percent, to 12,759.80
    * Nine of 10 main sectors decline
    * Canadian Natural Resources falls 1.8 percent

    By John Tilak
    TORONTO, Jan 22 (Reuters) - Canada's main stock index
slipped on Tuesday, led by a decline in energy shares on
volatile oil prices and Canadian National Railway Co 
after its results, as investors turned to  company earnings
reports for signs of an economic recovery.
    CN Rail slipped 1 percent to C$93.82 after the country's
biggest rail carrier reported higher fourth-quarter profit on
Tuesday, lifted by a gain in freight volumes and more efficient
    Investors have been shifting their attention between
macroeconomic concerns and corporate results, and expectations
have been muted for the resource sector this quarter.
    "The focus here for the moment turns back to earnings, back
to individual companies," said Gareth Watson, vice president,
investment management and research, at Richardson GMP.
    "Just looking at the commodities alone, I wouldn't say the
markets are expecting anything spectacular coming up," he said.
    The energy sector fell 0.4 percent, with Canadian Natural
Resources Ltd giving back 1.8 percent to C$29.89. Oil
prices were little changed. 
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was down 34.45 points, or 0.27
percent, at 12,759.80. The index eased from a near 18-month high
it hit on Monday.
     Nine of the 10 main sectors on the index were in the red.
    The industrials sector slipped 0.2 percent, dragged down by
CN Railway.
    The pullback in the stock is a reflection that it has been
doing very well since the start of the year, Watson said.
    "I still think it's a solid story. But I don't think the
results that came in justify the big run-up we've had since
January," he added.
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