May 24 - Canada’s main stock index was trading flat on Thursday as gains for precious metal miners from a rise in gold prices were offset by losses in energy shares due to a drop in oil price.
* At 9:59 a.m. ET (1359 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was down 6.05 points, or 0.04 percent, at 16,127.75.
* Oil prices recorded their largest one-day drop in two weeks, with expectations building that OPEC could wind down an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran.
* U.S. crude prices were down 1.4 percent a barrel, while Brent crude lost 1.2 percent.
* Six of the index’s 11 major sectors were higher, led by the materials sector which added 1 percent.
* Spot gold rose 1 percent to $1,306.20 an ounce after U.S. President Donald Trump canceled a planned summit with North Korea.
* Among stocks, shares of Toronto-Dominion Bank rose 1.5 percent after Canada’s second-biggest lender by market value reported second-quarter earnings that were ahead of market expectations.
* Royal Bank of Canada reported second-quarter results, sending shares of Canada’s biggest lender by market value down 1.7 percent.
* On the TSX, 125 issues were higher, while 115 issues declined for a 1.09-to-1 ratio favoring gainers, with 33.04 million shares traded.
* The largest percentage gainers on the TSX were Alamos Gold Inv and New Gold.
* Aecon Group fell 14.8 percent, the most on the TSX, after Canada blocked a proposed C$1.51 billion ($1.18 billion) takeover of the construction company by a Chinese state builder on national security grounds.
* Meg Energy Corp fell 2.7 percent and was the second biggest decliner.
* The most heavily traded shares by volume were Neovasc Inc , Aecon Group, and Canopy Growth Co.
* The TSX posted nine new 52-week highs and no new lows.
* Across all Canadian issues there were 14 new 52-week highs and three new lows, with total volume of 53.19 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)