CANADA STOCKS-TSX rises modestly on financial, consumer gains

(Adds details, updates prices)

* TSX up 39.93 points, or 0.32 percent, to 12,421.17

* Eight of TSX’s 10 main groups rise

TORONTO, Feb 16 (Reuters) - Canada’s main stock index rose on Tuesday, helped by gains for financial and consumer names, while gold miners weighed and the energy group was unimpressed by a tentative production deal between Russia and Saudi Arabia.

The most influential movers on the index included Element Financial Corp, which rose 4.9 percent to C$13.10 a share after it said it will split its fleet management business and its vendor and commercial financing business, creating two publicly traded companies.

The financials group gained 0.6 percent.

The consumer groups were both higher, with staples up 1.0 percent and discretionary gaining 0.8 percent.

Restaurant Brands International Inc, the owner of Burger King and the Tim Hortons coffee and doughnut chain, jumped 5.7 percent to C$46.81 after its earnings beat expectations.

At 10:22 a.m. EST (1522 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 39.93 points, or 0.32 percent, at 12,421.17.

The exchange had been closed on Monday for a public holiday.

Eight of the index’s 10 main groups were in positive territory, with advancers outnumbering decliners by almost 2-to-1.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent.

Barrick Gold Corp declined 3.0 percent to C$16.44, Goldcorp Inc fell 4.7 percent to C$20.7, and Yamana Gold was down 2.4 percent to C$3.62.

Gold futures fell 2.1 percent to $1,212.6 an ounce.

The energy group edged 0.2 percent higher after Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output at January levels if other big exporters joined them.

U.S. crude prices were down 1.8 percent at $28.89 a barrel, while Brent crude lost 2.4 percent to $32.58.

Shares in Cenovus Energy Inc slipped 0.5 percent to C$14.44 after the oil producer said it may sell up to $5 billion in stock, debt or other securities as it looks to shore up its balance sheet amid a slump in oil prices. (Reporting by Alastair Sharp; Editing by Paul Simao)