CANADA STOCKS-TSX kicks off week on steady footing; U.S. debt ceiling talks eyed
(Adds analyst comment in paragraph four; updates stocks and sector details, prices)
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Centerra Gold tanks on disappointing quarterly results
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Northern Dynasty slumps on going-concern worries
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April housing starts rise 22%
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TSX up 0.1%
By Johann M Cherian
May 15 (Reuters) - Canada's benchmark stock index rose marginally on Monday aided by gains in commodity-linked stocks but investors remained wary of big bets ahead of domestic consumer inflation data later this week and concerns over the U.S. debt ceiling deadlock. At 10:13 a.m. ET (14:13 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 24.8 points, or 0.12%, at 20,444.42.
Over the weekend, U.S. President Joe Biden said he expects to meet with congressional leaders on Tuesday for talks on a plan to raise the nation's debt limit and avoid a catastrophic default.
"An area of focus will continue to be the U.S. debt ceiling, where there might be some room for a solution to be found... that's something the market will be monitoring closely," said Angelo Kourkafas, investment strategist at Edward Jones Investments.
The energy sector added 0.5% and the materials sector rose 0.9%, tracking a recovery in commodity prices.
However, Centerra Gold Inc was the biggest loser on the TSX, falling 13.2% and logging its worst day in over nine months after the precious metals miner missed quarterly profit estimates.
Canadian equities had closed the previous week lower, logging their longest streak of weekly declines since late February as concerns about the global economy dampened investor sentiment.
Halfway into May, energy firms have been the worst performers on the TSX, while the technology sector and utilities have gained.
Among other movers, Northern Dynasty Minerals Ltd tanked 4.8%, logging its worst day in over a week after the miner raised doubts over its ability to continue as a going concern.
Meanwhile, a report by the Canadian Mortgage and Housing Corporation (CMHC) showed April housing starts rose 261,559, above expectations by economists Reuters had polled.
Investors also await April domestic consumer inflation data, due on Tuesday. (Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja Desai)
