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CANADA STOCKS-TSX rises as higher metal prices boost miners

Published 2017-07-17, 10:25 a/m
© Reuters.  CANADA STOCKS-TSX rises as higher metal prices boost miners
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* TSX up 21.14 points, or 0.14 percent, at 15,195.95

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

TORONTO, July 17 (Reuters) - Canada's main stock index rose on Monday as mining shares tracked metal prices higher, while shares of energy companies gained as oil prices edged up.

The most influential movers on the index included First Quantum Minerals Ltd FM.TO , which rose 4.9 percent to C$13.19, and Lundin Mining Corp LUN.TO , which advanced 3.2 percent to C$8.15.

Both miners produce copper, nickel and zinc. Copper prices hit their highest since early March on the back of better-than-expected economic data from top consumer China and a weaker U.S. dollar, while nickel and zinc also gained. MET/L

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.5 percent.

Gold miners also rose as the price of the precious metal climbed. GOL/

Dominion Diamond Corp DDC.TO rose 5 percent to C$17.76 ($14.05), after the world's third-largest diamond producer by market value agreed to a sweetened takeover offer of $14.25 per share in cash from The Washington Companies, valuing it at $1.2 billion. energy group added 0.6 percent, with Canadian Natural Resources Ltd CNQ.TO up 0.8 percent to C$37.36 and Cenovus Energy Inc CVE.TO rising 1.4 percent to C$9.39.

Oil prices edged up on Monday after data showed fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supply will undermine OPEC-led production cuts. O/R

At 9:59 a.m. ET (1359 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 21.14 points, or 0.14 percent, to 15,195.95.

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Advancers were outnumbering decliners by 1.4-to-1, although only four of the index's 10 main groups were in positive territory.

Industrials fell 0.5 percent as Canadian Pacific Railway Ltd CP.TO slipped 0.8 percent to C$209.20 and SNC-Lavalin SNC.TO fell 1.5 percent to C$57.20.

Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO rose 1.7 percent to C$22.19 after saying it would sell its Obagi Medical Products business for $190 million in cash. resale of Canadian homes fell 6.7 percent in June from May, the largest monthly drop since 2010 and the third-straight monthly decline as sales in Toronto plunged, the Canadian Real Estate Association said. ($1 = 1.2637 Canadian dollars)

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