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TSX slides, but notches longest weekly win streak since 1996

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11/10/2017 | 11:25pm CET
Businessmen pass the Toronto Stock Exchange sing in Toronto

Canada's main stock index finished lower for a third straight session on Friday, but it managed to rise for the full week, notching its longest weekly winning streak in more than two decades.

The Toronto Stock Exchange's S&P/TSX composite index fell 42.83 points, or 0.27 percent, to end at 16,039.26, with half of the 10 main sectors recording a loss.

For the week, however, it squeezed out a 0.12 percent gain, its ninth consecutive weekly rise, a feat not seen since late 1996 when it rose for 13 straight weeks.

After underperforming major global indexes for much of the year, the TSX has rallied 7 percent since early September, fueled in large part by energy stocks that profited from a nearly 25 percent rise in U.S. crude oil prices.

Manulife Financial Corp ended down 2 percent to C$26.91 on Friday. Financial stocks gave back 0.7 percent, and accounted for five of the index's six most influential decliners.

TSX operator TMX Group Ltd was one of the sector's bright spots, adding 1.8 percent to close at C$71.68 after posting a quarterly profit that exceeded expectations.

The materials group, home to precious and base metals miners, lumber and other resource companies, lost 0.8 percent. Gold futures fell 0.9 percent to $1,274.50 an ounce on Friday, but were still set to see the first weekly rise in a month. [GOL/]

Wheaton Precious Metals Corp was the most impactful non-financial stock on the down side, losing 4.5 percent to C$25.53 after its third-quarter revenue fell short of forecasts.

Energy stocks gave up earlier gains to end down 0.2 percent. Oil prices were slightly lower as expectations of an output deal extension were offset by U.S. drillers' adding the most oil rigs in a week since June.

Industrials also added pressure, falling 0.3 percent. Ritchie Bros Auctioneers Inc tumbled 10.1 percent to C$32.15 and CAE Inc lost 3.3 percent to C$22.13 after both companies reported weaker-than-expected results.

Hydro One Ltd shares fell 1.2 percent to C$22.71 as third-quarter profit fell, while overall utilities lost 0.3 percent.

On the positive side, consumer staples gained 0.9 percent helped by Cott Corp, which rose 7.4 percent to C$20.46, extending its previous session's post-earnings gains.

Telecoms added 0.9 percent as Telus Corp rose 2 percent to C$48.47.

Declining issues outnumbered advancing ones on the TSX by 160 to 84, for a 1.90-to-1 ratio on the downside.

(Reporting by Solarina Ho; Editing by Susan Thomas and Leslie Adler)

By Solarina Ho

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