CANADA STOCKS-TSX inch higher as Air Canada lifts industrial stocks

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May 15 (Reuters) - Canada’s main stock index reversed course to edge higher on Tuesday, as gains in industrial stocks led by Air Canada more than offset a drop in miners due to declining gold prices.

* At 12:13 p.m. ET (1613 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 9.44 points, or 0.06 percent, at 16,095.05.

* Six of the index’s 11 major sectors were higher, led by the industrials sector, which rose 0.6 percent.

* Air Canada rose 3.9 percent after JP Morgan upgraded the stock to “overweight” from “neutral.”

* The materials sector, which includes precious and base metals miners, lost 0.7 percent as gold futures slipped 0.9 percent to $1,304.7 an ounce, while copper prices dropped 1.2 percent to $6,800 a tonne.

* The biggest drags on the sector were Barrick Gold and Agnico Eagle, which fell 1.9 percent and 1 percent, respectively.

* The Canadian dollar hit a near one-week low against its U.S. counterpart as the greenback broadly rose and investors weighed prospects of a deadline being met for a new North American Free Trade Agreement between Canada, the United States and Mexico.

* Mexico’s economy minister said he saw diminishing chances for a new NAFTA ahead of a May 17 deadline to present a deal that could be signed by the current U.S. Congress.

* On the TSX, 119 issues were higher, while 119 issues declined, with 100.34 million shares traded.

* The largest percentage gainers on the TSX were Element Fleet Management, which jumped 18.6 percent, and Boyd Group Income Fund, which rose 4.7 percent. Both the companies reported first-quarter results.

* Keyera Corp fell 3.9 percent, the most on the TSX, on plans to develop a crude oil storage and blending terminal in Cushing, Oklahoma. The second biggest decliner was Semafo Inc, which was down 3.5 percent.

* The most heavily traded shares by volume were Element Fleet Management, Neovasc Inc and Aurora Cannabis , which was down 1.0 percent.

* The TSX posted 15 new 52-week highs and seven new lows.

* Across all Canadian issues there were 35 new 52-week highs and 64 new lows, with total volume of 160.01 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)