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CANADA STOCKS-TSX gains as higher copper prices lifts materials stocks

Published 2018-06-05, 10:12 a/m
© Reuters.  CANADA STOCKS-TSX gains as higher copper prices lifts materials stocks
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June 5 (Reuters) - Canada's main stock index edged higher on Tuesday as copper prices hit a six-week high, boosting the materials sector.

* At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 57.22 points, or 0.36 percent, at 16,109.46.

* Concerns over the potential supply impact of wage negotiations at BHP's Escondida mine BLT.L , BHP.AX in Chile, the world's biggest copper mine, helped copper prices CMCU3 advance 1 percent to $7,045.5 a tonne. MET/L

* Ten of the index's eleven major sectors were higher, led by stocks in materials group .GSPTTMT , which added 0.8 percent.

* Leading the materials group were shares of copper miner First Quantum Minerals Ltd FM.TO , which rose 4.2 percent.

* Second biggest boost to the main index was the financials sector .SPTTFS that gained 0.3 percent.

* Shares of Royal Bank Of Canada RY.TO rose 0.3 percent and that of Toronto-Dominion Bank TD.TO gained 0.4 percent after Citigroup (NYSE:C) raised its price target.

* U.S. President Donald Trump may seek separate talks with Canada and Mexico in a bid to get individual trade deals with the two countries, White House economic adviser Larry Kudlow said on Tuesday. The Canadian dollar weakened against the greenback as oil prices fell and Trump mulled moving toward bilateral discussions on NAFTA. Economic data showed that Canadian labor productivity fell by 0.3 percent in the first quarter, a deceleration in business output and acceleration in hours worked, from the previous quarter. On the TSX, 166 issues were higher, while 68 issues declined for a 2.44-to-1 ratio favouring gainers, with 9.55 million shares traded.

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* The largest percentage gainers on the TSX were Hudbay Minerals Inc HBM.TO , which jumped 3.7 percent and First Quantum Minerals Ltd FM.TO , which rose 3.3 percent.

* Hudson's Bay Co HBC.TO fell 5.1 percent, the most on the TSX, as its first-quarter loss widened on declines in its European and Saks OFF 5th divisions. The second biggest decliner on the TSX were shares ofBirchcliff Energy Ltd BIR.TO down 2.1 percent.

* The most heavily traded shares by volume were Canopy Growth Corp WEED.TO , Green Organic Dutchman Holdings TGOD.TO and Birchcliff Energy.

* The TSX posted twelve new 52-week highs and no new lows.

* Across all Canadian issues there were 22 new 52-week highs and three new lows, with total volume of 18.50 million shares.

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