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CANADA STOCKS-TSX slips as non-gold resource stocks weigh

Published 2016-05-13, 11:01 a/m
© Reuters.  CANADA STOCKS-TSX slips as non-gold resource stocks weigh
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(Adds details from early trade)
* TSX down 14.36 points, or 0.1 percent, at 13,773.44
* Index on track for 0.5 percent gain on week

TORONTO, May 13 (Reuters) - Canada's main stock index
slipped on Friday, weighed by energy companies and base metal
miners pulling back in line with retreating prices for oil and
other commodities.
Gold miners cushioned the fall, however, as bullion shrugged
off a stronger U.S. dollar to rise.
At 10:31 a.m. EDT (1432 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 14.36 points, or 0.1
percent, at 13,773.44.
It was on track for a 0.5 percent gain for the week.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.2 percent.
First Quantum Minerals Ltd FM.TO fell 3.7 percent to
C$8.44 and Teck Resources Ltd TCKb.TO lost 3.5 percent to
C$12.04.
Copper prices rose after a string of declines as some
investors closed out positions that had been betting on lower
prices, though others remained cautious ahead of U.S. and
Chinese economic data.
Aluminum, however, extended its slide, touching its lowest
level in a month on persistent worries about oversupply. MET/L
But gold miners bounced back after a dip on Thursday, with
Kinross Gold Corp K.TO up 4.8 percent at C$6.84 and Eldorado
Gold Corp ELD.TO adding 4.1 percent to C$6.33.
Barrick Gold Corp gained 3.2 percent to C$24.00 and Goldcorp
Inc added 1.9 percent to C$23.58.
Gold rose 1 percent as European equities fell, but gains
were capped by a stronger dollar, backed by anticipation of an
improvement in the U.S. economy. GOL/
Sirius XM Canada Holdings Inc XSR.TO jumped 7.6 percent to
C$4.55 after SiriusXM Holdings Inc SIRI.O , its biggest
shareholder, said it and two top Canadian shareholders will take
the satellite radio service private.
The energy group lost 0.5 percent as oil prices ended a
three-day bull run, falling as a stronger dollar weighed and
investors cashed in recent gains. O/R
The heavyweight financials group was off 0.6 percent, while
industrials also fell 0.6 percent.

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