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CANADA STOCKS-TSX slips away from record highs as mining, energy shares fall

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(Updates prices, adds analyst comment)

By Amal S

Oct 21 (Reuters) - Canada's commodity-heavy main stock index retreated from record highs on Thursday, weighed by weakness in energy and mining stocks as well as dismal earnings from the country's largest cable television service provider, Rogers Communications.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 28.12 points, or 0.13%, at 21,160.07, after the index posted a record closing high in previous session.

Leading declines was materials sector, which includes precious and base metals miners and fertilizer companies, that fell 1.1%.

The heavyweight energy sector fell -0.6%, snapping its two-day winning streak, tracking oil prices that eased as some investors took profits on signs the rally was looking overstretched.

"When we look into the commodities, we can see a pullback in the energy today. Generally it looks like the market is ready for a pause near to the weekend after hitting all time highs again," said Gregory Taylor, portfolio manager at Purpose Investments.

After snapping a seven-month winning streak in September, the Canadian equity index rebounded and was on track to have its best monthly performance since Nov. 2020 aided by stronger commodities and hopes of a seasonally strong period for the market.

Meanwhile, Canada added 9,600 jobs in September, driven by a pick-up in hiring in construction and professional business services, a report from payroll services provider ADP showed.

Rogers Communications Inc fell 0.2% after the media company reported third-quarter revenue below analysts' estimates as the pandemic continues to dampen growth at its ads and wireless businesses.

HIGHLIGHTS

Miner Teck Resources Ltd and lumber provider Interfor Corp were the biggest decliners on the index.

The TSX posted nine new 52-week highs and no new lows.

Across all Canadian issues, there were 38 new 52-week highs and six new lows, with total volume of 22.58 million shares. (Reporting by Amal S in Bengaluru; Editing by Shinjini Ganguli)

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