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CANADA STOCKS-TSX inches higher as energy offsets materials, Bombardier losses

Published 2017-09-25, 11:23 a/m
CANADA STOCKS-TSX inches higher as energy offsets materials, Bombardier losses
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* TSX up 19.36 points, or 0.13 percent, to 15,473.59

* Four of the TSX's 10 main groups were up

TORONTO, Sept 25 (Reuters) - Canada's main stock index edged up on Monday as higher oil prices lifted energy shares, offsetting declines led by mining issues and Bombardier Inc BBDb.TO .

The energy group climbed 1.2 percent, with Pembina Pipeline Corp PPL.TO rising 3.3 percent to C$43.50 and Encana Corp ECA.TO advancing 1.3 percent to trade at C$14.07.

U.S. crude CLc1 prices were up 1.4 percent to $51.36 a barrel, and Brent LCOc1 a global benchmark, rose more than 2 percent to top $58 a barrel, reaching its highest in eight months.

Oil rallied after major producers said the global market was on track towards rebalancing, while Turkey threatened to cut oil flows from Iraq's Kurdish region. 10:24 a.m. ET (1424 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 19.36 points, or 0.13 percent, to 15,473.59.

Of the index's 10 main groups, six were in negative territory. The heavily weighted financials group also helped offset losses, gaining 0.2 percent.

Bombardier Inc shares sank 7.6 percent to C$2.06, extending previous losses to hit a more than four-month low on news that Siemens AG SIEGn.DE will likely choose French rival Alstom SA ALSO.PA over the Canadian company in a multibillion-dollar rail merger. Montreal-based plane and train maker is also awaiting a U.S. court ruling on a CSeries dumping complaint by Boeing (NYSE:BA) Co. industrials group fell 0.4 percent. Canadian National Railway CNR.TO , a hefty member of the sector, was down 0.9 percent to C$100.19.

The materials sector which includes precious and base metals miners as well as fertilizer companies, were among the biggest drags on the index, losing 0.6 percent.

Miner Teck Resources Ltd TECKb.TO fell 2.8 percent to C$26.34, while First Quantum Minerals Ltd FM.TO gave back 1.9 percent to C$13.77.

Advancing issues outnumbered declining ones on the TSX by 140 to 102, for a 1.37-to-1 ratio on the upside.

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