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CANADA STOCKS-TSX edges higher as energy stocks rise, miners weigh

Published 2016-10-06, 10:34 a/m
© Reuters.  CANADA STOCKS-TSX edges higher as energy stocks rise, miners weigh
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(Adds details on specific stocks, updates prices)

* TSX up 8.9 points, or 0.06 percent, at 14,619.48

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

TORONTO, Oct 6 (Reuters) - Canada's main stock index made small gains on Thursday, with higher oil prices boosting the energy sector, but gold miners' shares fell with the precious metal on increased expectations that U.S. interest rates will rise this year.

The energy group climbed 0.7 percent as a surprisingly large drop in U.S. inventory levels helped keep oil prices within sight of 2016 highs hit in June. O/R

The most influential movers on the index included Cenovus Energy Inc CVE.TO , up 2.6 percent to C$19.90, and Suncor Energy Inc SU.TO , which advanced 0.7 percent to C$36.94.

At 10:06 a.m. EDT (1406 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 8.9 points, or 0.06 percent, at 14,619.48.

Seven of the 10 main sectors rose, although overall advancers and decliners were fairly balanced.

Growing expectations that U.S. interest rates will rise before the end of the year weighed on the price of gold, in turn hurting shares of Canadian gold miners. GOL/

Barrick Gold Corp ABX.TO fell 2.6 percent to C$19.90 and Detour Gold Corp DGC.TO lost 2.9 percent to C$23.

The materials group, which includes precious and base metal miners and fertilizer companies, lost 0.6 percent.

Fairfax Financial Holdings Ltd FFH.TO , which has bet on declining stock markets and more deflationary pressures, fell 3.1 percent to C$731.

The value of Canadian building permits issued in August surged far more than expected on plans for more condominium and commercial construction, data from Statistics Canada showed on Thursday.

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