Jan 31 (Reuters) – Canada’s main stock index opened higher on Thursday as shares of precious metals mining companies rose on higher gold prices.
* Gold rose to a nine-month high after the US Federal Reserve paused its monetary tightening cycle, weighing on the dollar and sending bullion on course for its fourth straight monthly gain.
* The Fed kept US interest rates steady on Wednesday but said it would be patient to raise borrowing costs further this year, citing mounting uncertainty about the economic outlook.
* Gains in precious metals pushed the materials sector up 0.4 percent. The sector includes precious and base metal miners and fertilizer companies.
* The biggest percentage gainer on the TSX was Eldorado Gold Corp, which gained 23.3 percent following its decision to resume mining and heap leaching at Kisladag.
* As of 9:49 am ET (1449 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 9.54 points, or 0.06 percent, to 15,494.09.
* On the macro front, Statistics Canada said Canada’s economy shrank 0.1 percent in November from October, on weakness in wholesale trade, manufacturing and construction.
* Still, the Canadian dollar was little changed against its US counterpart, maintaining its outperformance against its peers this month as oil prices rose.
* US crude prices rose 1.1 percent per barrel, while Brent crude rose 0.7 percent.
* On the TSX, 131 issues were higher while 94 issues declined at a 1.39 to 1 ratio in favor of winners with 21.84 million shares traded.
* Methanex Corp fell 4.7 percent, the sharpest on the TSX, after fourth-quarter results fell short of analysts’ estimates
* The top-traded stocks by volume were Aurora Cannabis, Precision Drilling, and Aphria Inc.
* The TSX posted seven new 52-week highs and no new lows.
* Across all Canadian issues, there were 14 new 52-week highs and one new low for a total volume of 36.20 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Maju Samuel)
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