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CANADA STOCKS-TSX up as energy stocks rise, gold miners weigh
September 18, 2017 / 2:53 PM / in 3 months

CANADA STOCKS-TSX up as energy stocks rise, gold miners weigh

(Updates prices)

* TSX up 49.97 points, or 0.33 percent, at 15,223.00

* Eight of the TSX’s 10 main groups move higher

TORONTO, Sept 18 (Reuters) - Canada’s main stock index rose in morning trade on Monday, with gains for its heavyweight energy sector offsetting losses among gold miners.

The most influential movers on the index also included Potash Corp of Saskatchewan, which gained 3.6 percent to C$23.61, and Agrium Inc, which was up 3.3 percent to C$132.34.

Last week, Canada’s competition watchdog said it would not challenge a proposed merger between the two companies.

The energy group climbed 0.7 percent even as oil prices slipped from recent multimonth highs, with Encana Corp up 2.3 percent at C$13.00.

At 10:18 a.m. ET (1418 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 49.97 points, or 0.33 percent, at 15,223.00. Eight of the index’s 10 main groups were in positive territory.

The materials group, which includes precious and base metals miners as well as fertilizer companies, added 0.1 percent.

The gold mining portion of the group weighed, with Kinross Gold Corp falling 1.9 percent to C$5.77 after saying it would spend more than $1 billion to expand two gold mines.

Barrick Gold Corp fell 1.2 percent to C$20.81, and Goldcorp Inc lost 1.2 percent to C$15.95 as prices for bullion hit a 2-1/2-week low ahead of a two-day U.S. Federal Reserve meeting and as global equities surged.

Methanex Corp rose 3.6 percent to C$63.80 after TD raised its price target on the stock.

IGM Financial advanced 3.6 percent to C$42.26 after BMO raised its rating to outperform from market perform and increased its target price.

A BMO cut on CI Financial Corp to market perform from outperform helped push it down 2.9 percent to C$26.64.

The financials group gained 0.2 percent while industrials rose 0.4 percent.

Canada’s benchmark stock index notched a gain of more than 1 percent last week. (Reporting by Alastair Sharp; Editing by W Simon)

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