TSX gives back most gains as oil stock increases offset metals' losses

Buildings are seen in the financial district in Toronto, January 28, 2013. REUTERS/Mark Blinch

TORONTO (Reuters) - Canada’s main stock index erased most early gains to close little changed on Thursday, as increases in energy shares were offset by declines in metals. * The Toronto Stock Exchange’s S&P/TSX composite index closed up 17.01 points, or 0.11 points, at 15,670.62. Seven of the 10 major sector groups were in positive territory.

* Magna International Inc was the biggest gainer on the index, up as much as 4.3 percent to C$72.79, a two-week high, after the auto parts maker said on Wednesday it would invest $200 million in U.S. ride-hailing company Lyft Inc and work with it to manufacture self-driving cars.

* Energy companies including Spartan Energy Corp, Seven Generations Energy and Raging River Exploration were among the 10 biggest gainers, rising 6.3 percent, 4.6 percent and 2.9 percent respectively.

* U.S. crude futures advanced 0.4 percent to $61.21 a barrel.

* Element Fleet Management was the biggest decliner on the index, sliding 24.4 percent to C$3.87, its lowest since December 2011, after reporting fourth-quarter earnings that missed analyst expectations and saying it expected to incur a restructuring charge of about C$40 million ($30.65 million) in the first quarter.

* Miners Ivanhoe Mines, Klondex Mines and Detour Gold were among the biggest decliners, falling 13.1 percent, 11.2 percent and 3.1 percent respectively.

* Gold futures dropped 0.7 percent to $1,316.30 an ounce. Copper futures lost 0.95 percent to $6,922 a tonne.

* The Democratic Republic of Congo is considering adding copper to its list of strategic minerals in a move that would extract higher fees from mining companies, an adviser to the prime minister said on Thursday.

* The TSX had 135 advancing issues and 111 declining ones, while four were flat.

Reporting by Nichola Saminather; Editing by Jonathan Oatis and Peter Cooney