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CANADA STOCKS-TSX flat as SNC-Lavalin gains, miners weigh

Published 2017-04-21, 11:02 a/m
© Reuters.  CANADA STOCKS-TSX flat as SNC-Lavalin gains, miners weigh
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(Adds details of specific stocks, updates prices)

* TSX down 0.86 points, or 0.01 percent, at 15,624.70

* Index on track for a 0.5 percent gain on the week

* Seven of the TSX's 10 main groups move higher

TORONTO, April 21 (Reuters) - Canada's main stock index was nearly unchanged on Friday as SNC-Lavalin rose on an acquisition move and Home Capital Group recouped steep losses, while some miners and energy stocks weighed.

SNC-Lavalin Group Inc SNC.TO gained 2.1 percent to C$54.17 after the engineering and construction company said on Thursday it would move ahead with a planned purchase of Britain's WS Atkins Plc ATKW.L for C$3.6 billion ($2.67 billion). influential gainer was Home Capital Group Inc HCG.TO , which jumped 14.9 percent to C$20.35 after the company announced preliminary earnings figures and released a message from its chairman.

The stock recovered from sharp losses on Thursday, the day after the company acknowledged a securities regulator's hearing into its disclosure practices. broader financials group was flat. Canada's annual inflation rate cooled more than expected in March, underscoring expectations that any interest rate hike would be a long way off. 10:28 a.m. ET (1428 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 0.86 points, or 0.01 percent, at 15,624.70. It was on track for a 0.5 percent gain for the week.

Seven of the index's 10 main groups gained, with advancers outnumbering decliners by a 1.5-to-1 ratio overall.

The energy group retreated 0.1 percent as crude prices slipped and another global player looked at pulling out of the country's oil sands, which are among the world's most expensive plays to develop.

BP Plc BP.L is considering the sale of its stakes in three Canadian oil sands projects, sources told Reuters, following similar exits from ConocoPhillips (NYSE:COP) COP.N and Royal Dutch Shell RDSa.L . Energy Inc SU.TO declined 0.3 percent to C$40.52 and Encana Corp ECA.TO shed 0.6 percent to C$14.40.

Industrials fell 0.1 percent as Canadian Pacific Railway Ltd CP.TO pulled back 0.9 percent to C$205.42 after its shares rose on Thursday on earnings that topped expectations.

The materials group, which includes precious and base metal miners and fertilizer companies, lost 0.3 percent, with First Quantum Minerals Ltd FM.TO down 2.2 percent at C$13.15 and HudBay Minerals Inc HBM.TO off 2.2 percent at C$7.95.

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