(Adds portfolio manager quotes, details on Barrick Gold and
Manulife Financial, updates prices)
* TSX ends down 5.71 points, or 0.04 percent, at 15,075.20
* Five of the TSX's 10 main groups end lower
By Fergal Smith
TORONTO, Nov 24 Canada's main stock index edged
lower on Thursday as energy shares pared some recent gains,
offsetting a rebound in the materials group as copper rallied.
In lighter than usual trading volumes, with U.S. markets
closed for Thanksgiving, the Toronto Stock Exchange's S&P/TSX
composite index closed down 5.71 points, or 0.04
percent, at 15,075.20.
Still, it touched its highest intraday level since June 2015
"Momentum has been very strong since the (U.S.) election,"
said Youssef Zohny, portfolio manager at StennerZohny Investment
Partners of Richardson GMP.
"There has been a big rotation in the market, the last few
weeks, more toward the cyclical side."
One of the most influential movers was copper miner First
Quantum Minerals Ltd, which advanced 4.3 percent to
Copper prices rose more than 2 percent, heading
towards their 2016 peak as funds piled in on expectations of
stronger demand and tighter supplies.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 0.2 percent. The group
had weighed heavily on the index on Wednesday, with particularly
sharp losses among gold miners.
Barrick Gold Corp fell 0.4 percent to C$19.65. The
company is reviewing the financial backing behind an
approximately $1.3 billion bid for its stake in Australia's
Kalgoorlie mine by Minjar Gold, a unit of Shanghai-listed
Shandong Tyan Home, two sources told Reuters.
Five of the index's 10 main groups ended lower, with energy
dipping 0.2 percent despite little change in the price of crude
The sector will likely consolidate recent gains ahead of
next week's meeting of the Organization of the Petroleum
Exporting Countries, Zohny said.
TransAlta advanced 7.8 percent to C$6.26, while
pipeline company Enbridge Inc slipped 0.8 percent to
Financials dipped 0.1 percent, with Manulife Financial Corp
falling 0.8 percent to C$23.51.
The sector, which accounts for more than 30 percent of the
index's weight, has benefited since the election from higher
The consumer staples group fell 0.6 percent, while the small
healthcare sector notched a gain of 0.8 percent, helped by
Valeant Pharmaceuticals International Inc advancing 2.8
percent to C$23.50.
(Additional reporting by Alastair Sharp; Editing by Cynthia
Osterman and Bill Rigby)