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CANADA STOCKS-TSX rises on solid gains for resource stocks

Published 2015-11-24, 04:51 p/m
© Reuters.  CANADA STOCKS-TSX rises on solid gains for resource stocks
XAU/USD
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GC
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HG
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LCO
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CL
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GOLD
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GSPTSE
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BBDb
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BCE
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SU
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OVV
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CNI
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(Adds portfolio manager quotes, updates prices)
* TSX up 25.45 points, or 0.19 percent, at 13,407.83
* Four of the TSX's 10 main groups rise; energy gains

By Fergal Smith
TORONTO, Nov 24 (Reuters) - Canada's main stock index rose
on Tuesday, as strength in energy and materials stocks offset
weakness in other sectors, such as telecoms and industrials.
"Oil is up over a dollar and gold is up around $7 so that's
helping our commodities," said John Kinsey, portfolio manager at
Caldwell Securities Ltd.
The energy group climbed 1.9 percent after the downing of a
Russian fighter jet near the Syrian-Turkish border pushed crude
oil prices sharply higher.
Encana Corp ECA.TO advanced 6.5 percent to C$11.36, while
Suncor Energy Inc SU.TO was up 0.9 percent at C$37.00.
The materials group rose 2.1 percent, led by a 3.4 percent
gain for Barrick Gold Corp ABX.TO to C$9.84, helped by firmer
base and precious metal prices.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 25.45 points, or 0.19 percent, at 13,407.83,
with just four of the index's 10 main groups in positive
territory.
On the other side of the scale sat BCE Inc BCE.TO , which
declined 2.7 percent to C$56.45 after raising C$750 million in a
rare bought-deal share sale.
The two main railway stocks were also a drag, including a
1.3 percent drop for Canadian National Railway CNR.TO to
C$78.06.
Bombardier Inc BBDb.TO declined 4.8 percent to C$1.18
after it warned that a previously announced business jet
production cut will drive down revenue in 2016.
Financials dipped 0.1 percent, with investors waiting for
next week's string of bank earnings reports.
"I think expectations are very low," said Kinsey about bank
earnings. "So I don't think if they're soft or a bit soft that
it will be a surprise to many people. They haven't acted very
well."
U.S. crude CLc1 prices settled at $42.87 a barrel, up 2.7
percent, while Brent crude LCOc1 added 2.9 percent to
$46.11. O/R
Gold futures GCc1 rose 0.7 percent to $1,074.8 an ounce.
GOL/
Copper prices CMCU3 advanced 2.6 percent to $4,608.15 a
tonne. MET/L

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