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CANADA STOCKS-TSX breaks slump in relief rally led by financials, Tahoe Resources
September 11, 2017 / 2:39 PM / 9 days ago

CANADA STOCKS-TSX breaks slump in relief rally led by financials, Tahoe Resources

* TSX up 53.6 points, or 0.36 percent, to 15,038.92

* Eight of the TSX’s 10 main groups were up

* Tahoe Resources soar 38.8 pct

TORONTO, Sept 11 (Reuters) - Canada’s main stock index rose on Monday on the weakening of Hurricane Irma overnight and North Korea refraining from a missile test to mark its 69th anniversary, with financial stocks and Tahoe Resources leading the rally.

The Toronto market moved in sync with global stocks, which hit a record high, amid the investor relief.

Financial stocks were the most influential movers on the index, though gains by the big banks were generally moderate.

The group was up 0.6 percent, with Brookfield Asset Management rising 1.7 percent to C$48.18, Fairfax Financial Holdings Ltd advancing 2.5 percent to C$611.29.

At 10:26 a.m. ET (1426 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 55.35 points, or 0.37 percent, to 15,040.67, rebounding after five straight sessions of losses.

Materials and utilities were the only groups that retreated.

The energy group climbed 0.5 percent despite weaker oil prices.

Tahoe Resources surged 38.8 percent to C$7.90 after a Guatemalan court reinstated the company’s license at its Juan Bosco and El Escobal mines.

But the overall materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent, with most stocks leading the declines.

Alamos Gold Inc tumbled 12.9 percent to C$8.93 after the company said it will buy smaller rival Richmont Mines in an all-stock deal valued at about C$905 million.

Eldorado Gold Corp slumped 4.4 percent to C$2.38 after the company said it was suspending its Greek mining investment, citing regulatory hurdles.

Advancing issues outnumbered declining ones on the TSX by 165 to 78, for a 2.12-to-1 ratio on the upside.

The index was posting 6 new 52-week highs and 2 new lows. (Reporting by Solarina Ho; editing by Grant McCool)

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