CANADA STOCKS-TSX hits fresh all-time high as investors assess inflation data

By Sanchayaita Roy

May 20 (Reuters) - Canada's main stock index rose to a record high on Tuesday, led by gains in metal mining shares, as investors parsed the country's mixed inflation data while awaiting trade developments.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 0.48% at 26,095.67 points. The index had closed on record highs in the previous two sessions.

Data released on Tuesday showed that Canada's annual inflation rate eased to 1.7% in April as energy prices dropped sharply after the removal of a federal consumer carbon tax, but core inflation edged up.

Two of the three core inflation measures, which are closely watched by the Bank of Canada, hit 13-month highs.

Later on Tuesday, finance leaders from the Group of Seven industrialized democracies will meet in Canada. They will strive for unity on non-tariff issues, but may have trouble reaching consensus with a Trump administration intent on pushing allies to serve U.S. interests.

"All eyes are on the G7 this week ... Obviously we saw the U.S.-China deal easing some global tensions, I think that the framework might be in place this week when the G7 meets for some favorable results to ease all the trade fears," said Michael Constantino, CEO of online investment platform Webull Canada.

"As we've seen over the last couple months, the U.S. has negotiated 60 plus deals ... so I believe that trend will continue and each country will look out for themselves."

On TSX, mining stocks .GSPTTMT rose nearly 2% on Tuesday after gold prices increased slightly.

But the energy subindex .SPTTEN fell 0.5% as oil prices steadied due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks.

Information and technology .SPTTTK stocks fell 1%, with bitcoin miner Bitfarms BITF.TO leading declines in the subindex with a 3.8% drop.