TSX flat as mining shares rise and energy stocks slide

Tue Apr 28, 2015 5:04pm EDT
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index barely rose on Tuesday, with a gap between the winning fortunes of mining shares and the sharp falls of energy and industrial stocks as investors shied away from big bets ahead of a U.S. Federal Reserve pronouncement.

Investors will turn their focus to domestic corporate results in coming days and weeks, with energy names coming in for the most detailed scrutiny.

Traders are also waiting for an update from the Fed on Wednesday for clues on the likely timing of an expected rate increase.

"All in all it's a recipe for investors to stay on the sidelines until there's more clarity on where we go from here," said Elvis Picardo, strategist at Global Securities in Vancouver.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 1.99 points, or 0.01 percent, at 15,346.07.

Bullion gained 1 percent, helping major producers push the index higher. Barrick Gold Corp (ABX.TO: Quote) rose 3 percent to C$15.99, and Goldcorp Inc (G.TO: Quote) added 2.8 percent to C$23.85.

"Gold stocks are rallying because they've been down in the dumps for the longest time," Picardo said.

The decliners included Enbridge Inc (ENB.TO: Quote), which fell 1.7 percent to C$64.76, and Transcanada Corp (TRP.TO: Quote), which fell 1.8 percent to C$57.04.   Continued...

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch