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Lundin Mining Corp inches up on expansion targets
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TC Energy falls on listing cause behind Keystone oil spill
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Energy stocks up 1.2%, financials down 0.3%
By Shristi Achar A April 24 (Reuters) - Canadian stocks struggled for direction on Monday, with losses in mining and financial stocks offset by gains in energy and industrials, while investors remained cautious ahead of major U.S. earnings this week. At 10:14 a.m. ET (1414 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 13.25 points, or 0.06%, at 20,706.4. "This is the week for earnings, predominantly out of the U.S., and the earnings out of the U.S. will reflect on how our market does," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. "Everybody is waiting to see how they perform, and the bar has been set very low coming out of the financial crisis and what we are hearing about economic slowdown across the board due to higher interest rates." Heavyweight financials lost 0.3%. The materials sector , which includes precious and base metals miners, added 0.2% as the bullion gained, but traded in a tight range. The energy sector gained 1.2%, led by a 3.8% rise in Precision Drilling ahead of its results later this week. Telus International rose 6.7% after Canaccord Genuity initiated coverage with a "buy" rating, lifting the industrials sector up 0.5%. The TSX ended higher on Friday, gaining for a fifth straight week, on strength in commodity-linked stocks, signs of cooling inflation in Canada and unchanged interest rates from the Bank of Canada. But lack of major market catalysts has subdued trading on the index. Lundin Mining Corp edged up 0.3% after the miner said it was setting targets for its new Caserones mine and waiting to expand its existing Candelaria mine.
TC Energy Corp fell 1.3% after the energy company said a 14,000-barrel oil spill from its Keystone pipeline in rural Kansas in December was primarily due to a progressive fatigue crack. (Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi Majumdar)
