CANADA STOCKS-TSX at one-month high as energy rally offsets gold drop

Nov 5 (Reuters) - Canada’s main stock index inched higher on Tuesday, as energy shares rallied to counter a sharp drop in gold stocks as trade-related optimism boosted risk appetite.

According to the latest reports, China is pushing U.S. President Donald Trump to remove more tariffs as part of the “phase one” deal, which may be signed this month.

* At 09:59 a.m. ET (14:59 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 7.81 points, or 0.05%, at 16,677.62, to hit new one month highs.

* The energy sector climbed 2% as U.S. crude prices rose 1% a barrel, while Brent crude added 1.1%.

* The Canadian energy index was on track for its third straight day of gains and hovered at over one month highs.

* Encana Corp was the biggest gainer among oil stocks, up 3.6%.

* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4% as gold futures fell 1.2% to $1,490.7 an ounce as investors pulled out of the safe-haven metal.

* The financials sector gained 0.4%. The industrials sector rose 0.2%.

* Data on Tuesday showed Canada’s trade deficit narrowed in September to C$978 million ($745 million), compared with a revised August deficit of C$1.24 billion, as exports and imports declined. Along with October jobs report due on Friday, both could help guide expectations for the central bank’s policy outlook.

* On the TSX, 115 issues were higher, while 114 issues declined for a 1.01-to-1 ratio favouring gainers, with 32.32 million shares traded.

* The largest percentage gainers on the TSX were Endeavour Mining, which jumped 5.7% after reporting strong quarterly results.

* Great Canadian Gaming fell 6.3%, the most on the TSX, after missing quarterly revenue. The second biggest decliner was First Majestic Silver, down 4.6%.

* The most heavily traded shares by volume were Encana Corp , up 4.6%; Baytex Energy Co, up 4.4% and First Quantum Min, up 4.2%.

* The TSX posted 13 new 52-week highs and one new low.

* Across all Canadian issues there were 45 new 52-week highs and 10 new lows, with total volume of 56.42 million shares.

Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur