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CANADA STOCKS-TSX up with financials ahead of Fed minutes; miners weigh

Published 2016-05-18, 11:01 a/m
© Reuters.  CANADA STOCKS-TSX up with financials ahead of Fed minutes; miners weigh
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(Adds details, updates prices)
TORONTO, May 18 (Reuters) - Canada's main stock index turned
higher on Wednesday, boosted by banks and life insurance
companies as investors awaited the release of minutes from a
U.S. Federal Reserve meeting amid rising talk of an interest
rate increase.
Meanwhile, gold and other metal miners weighed on the market
after a stronger U.S. dollar pushed commodity prices broadly
lower. Energy stocks were mixed as an Alberta wildfire
threatened oil sands facilities.
At 10:20 a.m. EDT (1420 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 14.68 points, or 0.11
percent, at 13,931.78 after opening lower.
Six of the index's 10 main groups were in positive
territory, with financials up 0.4 percent and industrials rising
0.7 percent.
The Fed minutes, scheduled for release at 2 p.m. EDT (1800
GMT), could give clues on the path of rate hikes. Dallas Fed
President Robert Kaplan said on Tuesday that he would advocate
for an increase in June or July. Two other central bank
officials said they expected up to three hikes this year.

Manulife Financial Corp MFC.TO rose 2 percent to C$18.57,
and Sun Life Financial Inc SLF.TO gained 1 percent to C$44.07.
The country's main banks were also higher, with smaller gains.
Pipeline companies were among the most influential
decliners, with Pembina Pipeline Corp PPL.TO down 0.8 percent
at C$36.76 and TransCanada Corp TRP.TO off 0.3 percent at
C$52.54.
The fire, which began in early May, forced the evacuation of
thousands of workers on Tuesday, prolonging a shutdown that has
cut Canadian oil output by a million barrels a day, or about
one-quarter of the nation's total output.
The broader energy group retreated 0.4 percent. It has
recovered all the sharp loss incurred in the blaze's early days.
Gold fell as the U.S. dollar hit a three-week high after
strong U.S. economic data and Fed officials' comments bolstered
expectations of a rate hike.
Franco Nevada Corp FNV.TO lost 2.4 percent to C$87.77, and
Agnico Eagle Mines Ltd AEM.TO fell 1.3 percent to C$61.52.
First Quantum Minerals FM.TO declined 2.2 percent to
C$9.02, and Teck Resources TCKb.TO slipped 1.3 percent to
C$12.92.
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 0.7 percent.
U.S. crude oil CLc1 prices were up 0.3 percent at $48.44 a
barrel, while Brent LCOc1 added 0.1 percent to $49.34. O/R
Gold futures GCc1 fell 0.5 percent to $1,270.30 an ounce,
while copper CMCU3 declined 1.2 percent to $4,602 a tonne.
GOL/ MET/L

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