CORRECTED-CANADA STOCKS-TSX inches upward as banks, resource stocks gain

Tue May 16, 2017 2:22pm EDT
 
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(In the third-last paragraph, corrects figures on Aimia stock to show it was down 6.7 percent at C$3.37, not down 0.3 percent to C$9.84)

* TSX up 20.38 points, or 0.13 percent, to 15,649.85

* Seven of index's 10 main groups in positive territory

TORONTO, May 16 (Reuters) - Canada's benchmark stock index edged higher on Tuesday as bank and resource shares eked out gains to help keep the market afloat.

At 10:35 a.m. ET (1435 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 22.95 points, or 0.15 percent, to 15,652.42, paring a significant portion of its opening gains.

Of the index's 10 main industry groups, six were in positive territory.

The most influential movers on the index were Bank of Nova Scotia, which rose 0.6 percent to C$76.18, and Royal Bank of Canada, which nudged 0.4 percent higher to C$93.97. Four of the five biggest index movers were financial stocks, helping lift the heavily-weighted group 0.2 percent.

Oil and gas companies continued to benefit from firmer oil prices, which extended recent gains as Kuwait joined Russia and Saudi Arabia in supporting prolonged supply cuts. U.S. crude was up 0.4 percent to $49.04 a barrel.

The overall energy group climbed 0.2 percent, with Enbridge Inc up 0.2 percent to C$54.63, and Encana Corp up a 0.8 percent gain C$15.56.   Continued...