TSX rises as consumer sectors offset energy weakness
By Alastair Sharp and John Tilak
TORONTO (Reuters) - Canada's main stock index climbed modestly on Tuesday as strength in its consumer discretionary and consumer staples groups overwhelmed a decline in the energy sector.
The Toronto Stock Exchange was closed on Monday, a public holiday in most of Canada, when U.S. indexes slipped on weaker oil prices.
Oil prices steadied on Tuesday, but failed to lift the Toronto market's oil and gas sector. Among the big decliners in the group, pipeline company TransCanada Corp (TRP.TO: Quote) lost 1.2 percent to C$50.22 and producer Encana Corp (ECA.TO: Quote) fell 3.1 percent to C$9.63.
“Sentiment for resources is very close to rock bottom,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver. “There is very little appetite for anything commodity-related.”
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 22.61 points, or 0.16 percent, at 14,491.05. Five of the 10 main sectors on the index were higher.
The index has bounced back up since breaking below 14,000 in late July, but remains one of the worst performing global indexes so far this year, hurt by slumping oil prices and worries about slowing economic growth and stock market turmoil in China.
The index's consumer discretionary sector added 1.2 percent on Tuesday and the consumer staples group gained 2.2 percent.
Auto parts maker Magna International Inc MG.TO rose 1.7 percent to C$72.29 and convenience store operator Alimentation Couche-Tard (ATDb.TO: Quote) gained 2.7 percent to C$59.93.
(Editing by Peter Galloway)
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