June 13, 2016 / 2:37 PM / in 2 years

CANADA STOCKS-TSX ekes out gain as materials rise

(Adds details from early trade, updates prices)

* TSX up 11.31 points, or 0.08 percent, at 14,048.85

* Six of the TSX’s 10 main groups lower

TORONTO, June 13 (Reuters) - Canada’s main stock index inched higher on Monday as gold miners and other materials stocks gained on fading expectations for a U.S. interest rate hike and global jitters about whether Britain will vote to leave the European Union.

Financial stocks weighed heavily, following Asian and European shares lower as investors worried that a “Brexit” could tip Europe back into recession.

Brookfield Asset Management declined 2.5 percent to C$44.43. Bank of Montreal declined 0.5 percent to C$82.74 and Bank of Nova Scotia fell 0.4 percent to C$65.02.

Gold prices hit their highest since mid-May on the back of the fading risk appetite, helping Barrick Gold Corp jump 3.2 percent to C$25.79. Fertilizer company Potash Corp advanced 4.1 percent to C$22.58.

Turquoise Hill Resources Ltd advanced 17.9 percent to C$4.34 after providing a business update last week.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.9 percent.

At 10:20 a.m. EDT (1420 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 11.31 points, or 0.08 percent, to 14,048.85.

Six of the index’s 10 main groups were in negative territory, with advancing and declining stocks evenly balanced.

Penn West Petroleum Ltd soared 44.8 percent to C$1.68 as multiple brokerages upped their target prices on the company after it said it would sell its Saskatchewan assets for $975 million on Friday.

The energy group climbed 1 percent, while financials slipped 0.2 percent. Industrials fell 0.5 percent.

U.S. crude prices were down 0.4 percent to $48.88 a barrel, while Brent lost 0.5 percent to $50.27.

Gold futures rose 0.6 percent to $1,281.6 an ounce and copper prices advanced 1.5 percent to $4,578 a tonne. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli)

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