TSX inches up with resource stock gains; banks, railways weigh

TORONTO (Reuters) - Canada’s main stock index inched higher on Monday, boosted by gains for energy stocks as oil prices rose and by rising miners and other materials stocks, while banks and railway stocks weighed.

FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 7.44 points, or 0.05 percent, at 16,103.51.

* Half of the index’s 10 main groups were in positive territory, with advancers just outnumbering decliners overall.

* The energy group, which accounts for almost a fifth of the index's weight, climbed 0.6 percent, with Suncor Energy Inc SU.TO up 1 percent to C$44.69 as oil prices rose.

* Brent crude rallied more than U.S. oil after the shutdown of the pipeline that carries the biggest of the five North Sea crude oil streams that underpin the benchmark.

* Potash Corp POT.TO was up 1.9 percent to C$24.78 and Agrium Inc AGU.TO added 1.7 percent to C$138.84 as the two fertilizer companies move closer to a merger.

* The materials group, which includes precious and base metals miners and fertilizer companies, added 0.5 percent. First Quantum Minerals Ltd FM.TO jumped 5.3 percent to C$15.90 after Goldman Sachs upgraded the stocks to a "buy" recommendation.

* The heavyweight financials groups fell 0.3 percent, with the country's biggest banks among its heaviest weights, while industrials lost 0.4 percent as Canadian Pacific Railway Ltd CP.TO lost 1.2 percent to C$228.90.

* Prometic Life Sciences Inc PLI.TO ended up 6.3 percent to C$1.35 after a British health regulator gave one of its drugs a promising designation.

* Shopify Inc SHOP.TO added 3.3 percent to C$133.80 after the commerce software company was added to several S&P/TSX sub-indices.

* Several gold miners gained after Desjardins recommended them as "buy" stocks, with Iamgold Corp IMG.TO up 3.4 percent to C$6.72 and Detour Gold Corp DGC.TO adding 1 percent to C$12.90.

Reporting by Alastair Sharp; Editing by Andrew Hay and Lisa Shumaker