(Reuters) - Canada’s main stock index rose on Tuesday as investors cheered the re-election of a Liberal government under Prime Minister Justin Trudeau, but concerns over a minority government’s ability to build new oil pipelines pulled energy shares lower.
* At 9:50 a.m. ET (13:50 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 44.04 points, or 0.27%, at 16,462.49.
* Trudeau’s Liberals held onto power after a closely fought election on Monday but were reduced to a minority.
* Ten of the index’s 11 major sectors were higher, with only energy .SPTTEN down as a minority leaves Trudeau in need of support from Left-leaning parties that are opposed to new oil pipelines
* The financials sector .SPTTFS gained 0.3%, while industrials .GSPTTIN rose 0.5%.
* The materials sector .GSPTTMT, which includes precious and base metals miners, added 0.4% despite gold futures GCc1 being unchanged.
* On the TSX, 164 issues were higher, while 63 issues declined for a 2.60-to-1 ratio favouring gainers, with 12.81 million shares traded.
* The TSX posted six new 52-week highs and two new lows.
* Across all Canadian issues there were 10 new 52-week highs and seven new lows, with total volume of 26.32 million shares.
Reporting by Agamoni Ghosh; Editing by Sriraj Kalluvila