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CANADA STOCKS-Toronto market ends near flat as oil rises, BCE tumbles
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CANADA STOCKS-Toronto market ends near flat as oil rises, BCE tumbles
Nov 4, 2024 1:53 PM

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TSX ends up 0.9 points at 24,256.06

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BCE tumbles 9.7% after acquisition deal

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Energy rises 1.3%; oil settles 2.85% higher

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Real estate adds 0.9%

(Updates at market close)

By Fergal Smith

Nov 4 (Reuters) - Canada's main stock index was barely

changed on Monday as gains for energy offset a sharp drop in

BCE's shares, with investors reluctant to make big bets ahead of

the U.S. presidential election and a Federal Reserve interest

rate decision.

The S&P/TSX composite index ended up 0.9 points at

24,256.06, holding on to the modest gain it made on Friday. On

Thursday it posted its lowest close in more than three weeks.

"There isn't much appetite for risk ahead of an extremely

pivotal week," said Elvis Picardo, portfolio manager at Luft

Financial, iA Private Wealth.

U.S. presidential election candidates Donald Trump and

Kamala Harris scrambled for an edge in the last full day of a

race that polls show as extremely close.

Investors expect the U.S. central bank to lower its

benchmark rate by 25 basis points on Thursday.

Shares of BCE Inc ( BCEXF ) tumbled 9.7% after the

communications company agreed to buy internet services provider

Ziply Fiber for $3.60 billion in cash.

"The news of the acquisition wasn't well received," Picardo

said. "They've pressed the pause button on dividend growth until

their debt levels normalize."

Energy rose 1.3% as the price of oil settled 2.85% higher at

$71.47 a barrel after OPEC+ delayed a planned output increase.

The Canadian government released long-awaited draft

regulations that would cap emissions of greenhouse gases from

the oil and gas sector at 35% below 2019 levels by 2030, drawing

condemnation from the industry that said it will force a cut in

production.

Real estate also notched gains, rising 0.9%, as bond yields

fell.

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