CANADA STOCKS-TSX slips as banks drop ahead of U.S. election
* TSX falls 24.23 points, or 0.20 percent, to 12,356.18 * Market holds to narrow range ahead of U.S. elections * Silver Wheaton weaker after results By John Tilak TORONTO, Nov 5 (Reuters) - Canada's main stock index declined on Monday, weighed down by its financial and energy sectors, but the market traded in a narrow range as many traders limited their bets due to the uncertain outcome of Tuesday's U.S. presidential election. Both candidates, President Barack Obama and Republican challenger Mitt Romney, were zipping across swing states on their final day of campaigning. Polls show the election will be close. "What we have in front of us is the U.S. election. The result is going to dictate which way the market will go over the next six months," said Philip Petursson, a managing director at Manulife Asset Management's portfolio advisory group. "The markets are on hold until they see the outcome." Petursson said there could be a relief rally for both U.S. and Canadian markets no matter who the winner is as some uncertainty about economic policy will be removed. At midafternoon, the Toronto Stock Exchange's S&P/TSX composite index was down 24.23 points, or 0.20 percent, at 12,356.18. At one point the index hit 12,347.14, its lowest level since Tuesday. The heavyweight financial and energy subgroups, down 0.31 percent and 0.34 percent respectively, led the index lower. The two sectors form more than half of its weight. Big decliners included Royal Bank of Canada, down 0.56 percent C$57.24, and Bank of Nova Scotia, which fell 0.57 percent to C$54.35. Oil and gas producers also slipped even as oil prices held steady above $105 a barrel. Penn West Petroleum Ltd, down 4.05 percent at C$11.62, was one of the leading decliners. The stock fell after several analysts cut their share-price targets on the oil and gas producer. On Friday, the company reported a third-quarter loss and cut its production forecast. Suncor Energy also dragged on the sector, falling 0.89 percent at C$34.34. Other stocks leading the market lower included Silver Wheaton Corp, which dropped 1.67 percent to C$38.79 after it said its third-quarter profit fell 11 percent. Stocks helping to offset the decline included Turquoise Hill Resources Ltd, owner of the big Oyu Tolgoi copper-gold mine in Mongolia. The company signed a long-awaited power supply deal with China, putting it on track to begin commercial production in the first half of next year. Shares of Turquoise Hill, controlled by Rio Tinto, rose 11 percent to C$8.96.