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CANADA STOCKS-TSX inches higher as energy offsets materials, Bombardier losses
September 25, 2017 / 3:25 PM / 3 months ago

CANADA STOCKS-TSX inches higher as energy offsets materials, Bombardier losses

* TSX up 19.36 points, or 0.13 percent, to 15,473.59

* Four of the TSX’s 10 main groups were up

TORONTO, Sept 25 (Reuters) - Canada’s main stock index edged up on Monday as higher oil prices lifted energy shares, offsetting declines led by mining issues and Bombardier Inc . The energy group climbed 1.2 percent, with Pembina Pipeline Corp rising 3.3 percent to C$43.50 and Encana Corp advancing 1.3 percent to trade at C$14.07.

U.S. crude prices were up 1.4 percent to $51.36 a barrel, and Brent a global benchmark, rose more than 2 percent to top $58 a barrel, reaching its highest in eight months.

Oil rallied after major producers said the global market was on track towards rebalancing, while Turkey threatened to cut oil flows from Iraq’s Kurdish region.

At 10:24 a.m. ET (1424 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 19.36 points, or 0.13 percent, to 15,473.59.

Of the index’s 10 main groups, six were in negative territory. The heavily weighted financials group also helped offset losses, gaining 0.2 percent.

Bombardier Inc shares sank 7.6 percent to C$2.06, extending previous losses to hit a more than four-month low on news that Siemens AG will likely choose French rival Alstom SA over the Canadian company in a multibillion-dollar rail merger.

The Montreal-based plane and train maker is also awaiting a U.S. court ruling on a CSeries dumping complaint by Boeing Co.

The industrials group fell 0.4 percent. Canadian National Railway, a hefty member of the sector, was down 0.9 percent to C$100.19.

The materials sector which includes precious and base metals miners as well as fertilizer companies, were among the biggest drags on the index, losing 0.6 percent.

Miner Teck Resources Ltd fell 2.8 percent to C$26.34, while First Quantum Minerals Ltd gave back 1.9 percent to C$13.77.

Advancing issues outnumbered declining ones on the TSX by 140 to 102, for a 1.37-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by W Simon)

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