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CANADA STOCKS-TSX inches up, Tahoe plunges as court upholds mine suspension
August 25, 2017 / 2:46 PM / 4 months ago

CANADA STOCKS-TSX inches up, Tahoe plunges as court upholds mine suspension

(Adds details, updates prices)

* TSX up 6.82 points, or 0.05 percent, at 15,082.98

* Six of the TSX’s 10 main groups move lower

TORONTO, Aug 25 (Reuters) - Canada’s main stock index inched higher on Friday as gains for a string of financial stocks were partly offset by a plunge in Tahoe Resources Inc after a court upheld a suspension of the license for its Escobal project in Guatemala, one of the world’s largest silver mines.

Tahoe was one of the most influential weights on the index, falling 19.2 percent to C$5.54, while pipeline companies also pulled back after sharp gains in recent sessions.

Investors were buying into heavyweight financial stocks, which were up 0.3 percent overall, with Toronto-Dominion Bank adding 0.4 percent to C$65.01 and Bank of Nova Scotia up 0.3 percent to C$77.72. Both are due to report quarterly earnings next week.

At 10:06 a.m. ET (1406 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 6.82 points, or 0.05 percent, at 15,082.98. Six of its 10 main groups were lower.

The index is on track for a 0.9 percent gain on the week.

Diversified miner Teck Resources Ltd rose 0.6 percent to C$30.76, continuing a steady climb higher since mid-June supported by a rally in the price of copper, which touched its highest level since late 2014.

The energy group was barely higher despite oil prices jumping as U.S. refineries braced for Hurricane Harvey.

Pipeline companies weighed on the group, with Enbridge Inc down 0.8 percent at C$50.79 and TransCanada Corp off 0.6 percent at C$63.02. As dividend-payers, pipeline firms are sensitive to changes in interest rate expectations.

Investors are focused this week on the annual central banker symposium in Jackson Hole, Wyoming, for clues on the direction of European Central Bank and U.S. Federal Reserve policy. Fed Chair Janet Yellen did not mention monetary policy in prepared marks for a speech at the conference on Friday. (Reporting by Alastair Sharp; Editing by Paul Simao)

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