January 9, 2018 / 9:37 PM / in 2 years

CANADA STOCKS-TSX steady as energy stocks gain, materials fall

(Adds details on specific comnpanies, updates prices to close)

* TSX ends up 1.59 points, or 0.01 percent, at 16,319.24

* Six of the index’s 10 main groups rise

* Energy group gains 1.2 percent

* Materials sector falls 1 percent

TORONTO, Jan 9 (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 jumped 20.4 percent to C$8.09, one cent below the all-cash offer a Blackstone Group affiliate made for the Canadian REIT.

* The Toronto Stock Exchange’s S&P/TSX composite index 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 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 fell 3.9 percent to C$5.17 and Barrick Gold Corp was off 0.8 percent at C$18.14 as gold futures fell 0.7 percent to $1,309.6 an ounce.

* Nutrien Ltd, 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 climbed 5.5 percent to C$42.07 and Aphria Inc 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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