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CANADA STOCKS-TSX inches up as broad gains offset mining weakness

Published 2016-08-03, 10:32 a/m
© Reuters.  CANADA STOCKS-TSX inches up as broad gains offset mining weakness
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(Adds details on stocks and sectors, updates prices)

* TSX up 9.19 points, or 0.06 percent, to 14,486.20

* Six of the TSX's 10 main groups move higher

* Materials stocks down 1.6 pct

TORONTO, Aug 3 (Reuters) - Canada's main stock index inched higher on Wednesday as broad gains offset losses among gold miners and other materials stocks.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent even though the price of bullion was hovering near a three-week high.

But six of the index's 10 main groups were in positive territory, although decliners were outnumbering gainers overall.

At 10:09 a.m. EDT (1409 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 9.19 points, or 0.06 percent, to 14,486.20. It had opened lower.

The energy group climbed 0.6 percent and financials gained 0.4 percent. Those two sectors account for more than half the index's weight.

Husky Energy Inc HSE.TO advanced 6 percent to C$16.10. The company said it had reached agreement with China's CNOOC 0883.HK over a gas project. staples rose 0.8 percent as dairy company Saputo Inc SAP.TO jumped 5.1 percent to C$41.78. Several analysts raised their price targets for the company's shares after it reported a profit jump, boosted its dividend, and said it remains interested in acquisitions. most influential weights included two of the world's largest gold producers, with Barrick Gold Corp ABX.TO falling 1.9 percent to C$29.18 and Goldcorp Inc G.TO down 0.6 percent to C$23.57.

The sector has in recent months helped to lessen the impact on the Canadian market of global shocks, including Britain's vote to leave the European Union, as investors back gold miners amid economic uncertainty.

Turquoise Hill Resources Ltd TRQ.TO fell 3.7 percent to C$4.38 after announcing quarterly results late on Tuesday. prices edged up, with the U.S. benchmark back above $40 a barrel, but sentiment remains bearish amid fears of a supply glut. O/R

Gold futures GCc1 fell 0.6 percent to $1,356.6 an ounce, while copper prices CMCU3 declined 1.1 percent to $4,837.5 a tonne. GOL/ MET/L

Shares in Shopify Inc SH.TO gained 2.4 percent to C$45 after the e-commerce software maker reported a smaller-than-expected quarterly loss and provided a more upbeat outlook.

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