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CANADA STOCKS-TSX boosted by miners, banks; oil stocks weigh

Published 2016-08-29, 11:05 a/m
© Reuters.  CANADA STOCKS-TSX boosted by miners, banks; oil stocks weigh
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(Adds details from early trade, updates prices)

* TSX up 24.26 points, or 0.17 percent, at 14,664.14

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

TORONTO, Aug 29 (Reuters) - Canada's main stock index made slight gains in morning trading on Monday, with rises for banks and miners offsetting energy shares' declines as the price of oil pulled back.

At 10:30 a.m. EDT (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 24.26 points, or 0.17 percent, at 14,664.14.

Six of the index's 10 main groups were higher, with advancers and decliners almost equally split overall.

The most influential movers on the index included Toronto-Dominion Bank TD.TO , which rose 0.6 percent to C$57.64, and Royal Bank of Canada RY.TO , up 0.4 percent at C$81.87.

The heavyweight financial sector, which was up 0.3 percent overall, had produced a string of encouraging bank earnings reports last week, including from TD, Canadian Imperial Bank of Commerce CM.TO and Bank of Montreal BMO.TO .

The energy group fell 0.3 percent on lower oil prices due to high output from Middle Eastern producers and a stronger U.S. dollar, in which the commodity is priced. O/R

Suncor Energy SU.TO lost 0.6 percent to C$36.27.

Pipeline companies lost ground, with Enbridge Inc ENB.TO down 1.1 percent at C$51.38 and Pembina Pipeline Corp PPL.TO off 0.9 percent at C$39.31.

U.S. crude CLc1 prices were down 1.8 percent at $46.77 a barrel, while Brent LCOc1 lost 1.6 percent to $49.12.

The materials group, which includes precious and base metal miners and fertilizer companies, gained 0.7 percent.

Ivanhoe Mines Ltd IVN.TO jumped 13 percent to C$1.89 after it said it planned to hire an investment bank to review expressions of interest the company and its projects have received in recent months. Resources Ltd TCKb.TO rose 4 percent to C$21.57.

Major gold miners also pushed the sector higher even as prices of the metal slid to a nearly five-week low after comments from top Federal Reserve officials fueled speculation that U.S. interest rates would rise sooner rather than later. GOL/

Gold futures GCc1 fell 0.2 percent to $1,319 an ounce, and copper prices CMCU3 lost 0.2 percent to $4,615.15 a tonne. GOL/ MET/L

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