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CANADA STOCKS-TSX up as energy stocks rally; TD Bank hit by earnings miss

Published 2017-11-30, 10:21 a/m
© Reuters.  CANADA STOCKS-TSX up as energy stocks rally; TD Bank hit by earnings miss
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* TSX up 44.03 points, or 0.28 percent, at 16,011.75

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

TORONTO, Nov 30 (Reuters) - Canada's main stock index rose on Thursday, with energy shares rallying as hopes for a deal to extend output cuts pushed oil prices higher, while a miner sank on a lowered outlook and two big banks moved in opposite directions after reporting earnings.

* At 9:51 a.m. ET (14:51 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 44.03 points, or 0.28 percent, at 16,011.75. Six of its 10 main groups were higher, with three advancers for every decliner.

* Toronto-Dominion Bank TD.TO , the country's second-biggest bank, was down 2.9 percent at C$72.88 as lower investment banking revenue contributed to a fourth-quarter earnings miss, while No. 5 lender Canadian Imperial Bank of Commerce CM.TO rose 2 percent to C$117.10 after its earnings exceeded expectations. The energy group climbed 1.6 percent, as OPEC and non-OPEC oil producers looked poised to extend output cuts until the end of 2018 to finish clearing a global crude glut. Pipeline operator Enbridge Inc ENB.TO was up 6.4 percent at C$48.68 after providing a strategic update including asset sale and dividend payment plans. U.S. crude CLc1 prices were up 0.6 percent to $57.66 a barrel, while Brent crude LCOc1 added 1.2 percent to $63.85. O/R

* Lundin Mining Corp LUN.TO slumped 18.9 percent to C$7.27 in heavy volume after the diversified base metals miner lowered production guidance for 2018 at a flagship copper mine and several analysts cut their recommendations and target prices on the stock. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent.

* Advancing issues outnumbered declining ones on the TSX by 176 to 57, for a 3.09-to-1 ratio on the upside.

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