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CANADA STOCKS-TSX slips after 6-day rally as miners weigh

BY Reuters
— 10:37 AM ET 12/09/2020

Dec 9 (Reuters) - Canada's main stock index dipped on Wednesday after a six-day rally as declining gold prices dragged down miners, while the central bank held it key interest rate as expected.

* At 10:27 a.m. ET (1527 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 26.79 points, or 0.15%, at 17,613.56. The index hovered near its strongest level since late February.

* The Bank of Canada left its key interest rate unchanged at 0.25%, and said it would maintain its current policy of quantitative easing. The central bank reiterated it would leave rates unchanged until some point in 2023.

* The Canadian dollar was trading 0.3% higher at C$1.2778 to the U.S. dollar.

* Miners fell most on the index as gold prices decreased 1%, with optimism over COVID-19 vaccine developments prompting a rush for riskier assets.

* SSR Mining Inc (SSRM) fell 4.0%, the most on the TSX, while the second biggest decliner was Silvercorp Metals Inc (SVM) , down 3.7%.

* The energy sector gained 1.6% on a jump in U.S. crude prices due to hopes of a recovery in fuel demand and the U.S. dollar, in which oil is traded, reached 2 1/2-year lows.

* Shares in oil producer Whitecap Resources Inc (SPGYF) jumped almost 12% to the top of TSX after it agreed to buy rival TORC Oil & Gas Ltd (VREYF) in an all-stock deal valued at about C$552 million ($430.81 million). Torc's shares rose 7.3%.

** Dollarama Inc (DLMAF) rose almost 3% after it beat analysts' estimates for third-quarter sales.

* Among other top gainers on the TSX was Vermilion Energy Inc, which rose 4.1%.

* The most heavily traded shares by volume were Whitecap Resources Inc (SPGYF), Crescent Point Energy Corp and Air Canada.

* The TSX posted eight new 52-week highs and no new lows.

* Across all Canadian issues there were 67 new 52-week highs and five new lows, with total volume of 72.96 million shares.

* On the TSX, 109 issues were higher, while 108 issues declined for a 1.01-to-1 ratio favoring gainers, with 37.09 million shares traded. (Reporting by Sruthi Shankar in Bengaluru; Editing by Krishna Chandra Eluri)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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