Canada's main stock index inched higher on Tuesday, helped by gains among materials stocks and financial names, while lower oil prices weighed on energy companies.

The Toronto Stock Exchange's S&P/TSX composite index ended up 10.52 points, or 0.07 per cent, at 16,114.03.

Six of its 10 main groups finished in positive territory, although decliners slightly outnumbered advancers overall.

The energy group retreated 0.5 per cent, as oil prices dropped after hitting a two-year high on an unplanned closure of a major pipeline that carries North Sea crude. 

The financials group gained 0.2 per cent, with Element Fleet Management Corp (EFN.TO) up 8.7 per cent at $10.46.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 per cent. Potash Corp (POT.TO) gained 2.8 per cent to $25.48 and its planned merger partner Agrium Inc (AGU.TO) gained 2.9 per cent at $142.85 after agreeing to buy a fertilizer business in Australia.

Teck Resources (TECKb.TO) rose 0.7 per cent to $30.11 even as a union at its Quebrada Blanca copper mine in Chile said some of its workers were set to strike on Wednesday.