TSX edges higher, helped by gains for resource stocks

Tue Apr 26, 2016 5:27pm EDT
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By Fergal Smith

TORONTO (Reuters) - Canada's benchmark stock index edged higher on Tuesday as a jump in oil prices supported energy stocks, while the materials group also advanced, offsetting deep losses for one of the country's major railway stocks.

The index traded in a narrow range ahead of the Federal Reserve interest rate announcement on Wednesday.

Investors have been "walking on eggshells," adjusting positions ahead of the Fed announcement, said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

He doesn't see a lot of "downside" risk for the market while bond yields remain so low.

The Toronto Stock Exchange's S&P/TSX composite index closed up 13.45 points, or 0.1 percent, at 13,809.44.

It has rallied nearly 20 percent since January, but has been unable to climb back above 14,000.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.3 percent, led by gold stocks after weaker-than-expected U.S. durable goods data supported gold.

Goldcorp Inc rose 3.3 percent to C$22.18, while Barrick Gold Corp was up 1.4 percent to C$20.78.   Continued...

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