Canada's main stock index dipped on Tuesday as losses for the financial and industrial groups offset gains for mining stocks, while news of an acquisition boosted shares of the country's largest pipeline company. Enbridge Inc gained 3.7 percent to C$55.23 after saying it would buy Spectra Energy Corp in an all-stock deal valued at about C$37 billion to create the largest North American energy infrastructure company.
Energy stocks were little changed overall as oil dipped. US crude prices were down 0.1 percent at $44.40 a barrel. The financials group fell 0.6 percent. Toronto-Dominion Bank declined 0.8 percent to C$58.31, while Brookfield Asset Management Inc was down 1.6 percent at C$43.93.
Industrials declined 0.8 percent, including losses for railroad stocks. At 10:38 am EDT (1438 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 14.5 points, or 0.1 percent, to 14,781.20. Six of the index's 10 main groups were lower. The index was closed on Monday for the Labour Day holiday. It gained 1.1 percent last week, its biggest weekly gain since mid-July. Bombardier Inc tumbled 5.2 percent to C$2.01 after the company more than halved its CSeries aircraft delivery forecast for the year.
The materials group, which includes precious and base metals miners and fertiliser companies, added 1.4 percent. Barrick Gold Corp rose 2.8 percent to C$24.25, while spot gold gained 1 percent as the dollar weakened on expectations that the Federal Reserve will not raise US interest rates at its September policy meeting.
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