CANADA STOCKS-TSX edges higher as gold miners, Enbridge boost index

Tue Sep 6, 2016 4:59pm EDT
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* TSX ends up 17.29 points, or 0.12 percent, at 14,812.99

* Just three of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, Sept 6 (Reuters) - Canada's benchmark stock index edged higher on Tuesday as higher gold prices supported mining stocks, while news of an acquisition boosted shares of the country's largest pipeline company.

The small gain for the Toronto Stock Exchange's S&P/TSX composite index follows a 1.1 percent advance last week, the biggest weekly gain since mid-July. The index was closed on Monday for the Labour Day holiday.

"The market looks like it might be taking its cue from a weak ISM (services sector) number," said Manash Goswami, portfolio manager at First Asset Investment Management Inc.

U.S. services sector activity slowed to a 6-1/2-year low in August, pointing to slowing economic growth that further diminished prospects for an interest rate hike from the Federal Reserve this month.

The lowered chances of a Fed hike weighed on the U.S. dollar , triggering a 1.7 percent jump in spot gold prices.

Barrick Gold Corp rose 3.7 percent to C$24.45, while the materials group, which includes precious and base metals miners and fertilizer companies, added 2.3 percent.   Continued...