(Adds analyst quotes, adds details, updates prices)
* TSX ends down 7.01 points, or 0.05 percent, at 12,920.14
* Six of the TSX's 10 main groups fall
By Fergal Smith
TORONTO, Jan 5 (Reuters) - Canada's main stock index edged
lower on Tuesday as consumer, industrial and materials stocks
weakened, while energy stocks rose despite weaker crude oil
prices.
The index fell for a fifth straight session, but after
paring the worst of losses. It follows an 11 percent loss in
2015, its worst year since the global financial crisis of 2008.
"It's a cautious start to the year," said Brian Pow, vice
president, research at Acumen Capital Partners in Calgary,
adding "the volumes in certain stocks are still pretty light"
Magna International Inc MG.TO declined 2.4 percent to
C$54.35, while the overall consumer discretionary sector fell
1.2 percent.
Canadian National Railway Co CNR.TO fell 1.3 percent to
C$75.47, while Potash Corporation of Saskatchewan Inc POT.TO
was down 2.4 percent at C$23.63.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 7.01 points, or 0.05 percent, to
12,920.14. Six of the index's 10 main groups were in negative
territory.
"People are trying to look for new ideas," said Pow,
including reallocation of capital out of energy into other
growth areas.
Nonetheless, energy stocks closed 0.6 percent higher,
revealing resilience in the face of weaker crude oil prices.
Canadian Oil Sands Ltd COS.TO rose 1.9 percent to C$8.05.
A major investor in the company sent an open letter to fellow
shareholders urging them to reject a C$4.3 billion ($3.1
billion) hostile takeover bid by Suncor Energy Inc SU.TO that
expires this Friday.
U.S. crude CLc1 prices settled at $35.97 a barrel, down
2.2 percent. O/R
Valeant Pharmaceuticals (N:VRX) International VRX.TO rose 2.8
percent to C$141.16, recovering after an activist investor last
week said he had sold five million shares of the company to
generate a tax loss.
Telecom stocks rose 1.1 percent, including a 2.1 percent
advance in Rogers Communications Inc RCIb.TO to C$48.85.
"If people are looking for income, some of these
(telecom)stocks that have got beat up provide pretty interesting
returns," said Pow.
Shares of Progressive Waste Solutions BIN.TO advanced 7.3
percent to C$34.76 after the waste management company said it
was exploring strategic options.