November 3, 2016 / 3:17 PM / in a year

CANADA STOCKS-TSX rises, led by financials and materials

* TSX up 49.06 points, or 0.34 percent, at 14,643.78

* Seven of the index’s 10 main groups rise

TORONTO, Nov 3 (Reuters) - Canada’s main stock index rose on Thursday led by financials as global risk aversion eased, while the materials and consumer discretionary sectors also climbed as investors weighed a batch of corporate earnings reports.

At 10:55 a.m. EDT (1455 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 49.06 points, or 0.34 percent, to 14,643.78.

On Wednesday, the index recorded its sharpest one-day loss since mid-September and posted its lowest close in nearly three weeks.

The heavily weighted financials group advanced 0.5 percent, led by a 1.5 percent advance in shares of Manulife Financial Corp to C$19.26.

Gains for financials came as a UK court ruled that parliament must approve a government decision to trigger Brexit, lifting European stocks and bond yields and easing tension in markets rattled by U.S election nerves.

Encana Corp jumped 5.6 percent to C$13.19. The oil and natural gas producer posted a quarterly profit on an operating basis as a steep fall in costs helped offset the impact of weak commodity prices.

In contrast, Enbridge Inc fell 2.32 percent to C$54.66. Canada’s largest pipeline company reported a quarterly profit that missed estimates as warmer-than-expected weather weighed on its unit that distributes natural gas for heating purposes.

The overall energy sector firmed 0.2 percent, restrained by lower oil prices. U.S. crude prices were down 0.5 percent at $45.10 a barrel, pressured by supply glut worries.

Automotive supplier Magna International Inc reported a better-than-expected quarterly profit, helped by strong demand from Asia and Europe. Its shares rose 1.8 percent to C$54.75.

Barrick Gold Corp gained 2.0 percent to C$24.73, while spot gold was little changed after posting a four-week high the day before on rising U.S. election uncertainty.

Agrium Inc dipped 0.3 percent to C$121.20. The fertilizer maker reported a surprise quarterly loss as it grapples with low fertilizer and crop prices, and also cut its full-year profit forecast.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 percent.

Seven of the index’s 10 main groups were higher.

Shares of Air Canada fell 1.8 percent to C$11.97. Canada will lift the limit for foreign investment in Canadian airlines to 49 percent from 25 percent to try to boost competition and cut fares, Transport Minister Marc Garneau said. (Reporting by Fergal Smith; Editing by James Dalgleish)

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