TSX closes up, breaks five-day slide as miners gain
By Alastair Sharp
TORONTO (Reuters) - Canada's benchmark stock index closed higher on Wednesday after five days of declines, with miners and other materials stocks leading a broad but subdued rebound as the U.S. Federal Reserve hinted at a less aggressive outlook for interest rates.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 39.22 points, or 0.28 percent, at 13,923.45, lifting it off a near one-month low.
"Essentially everything is flat except for materials," said Manash Goswami, a portfolio manager at First Asset Investment Management Inc, pointing to a dovish Fed as supportive for gold.
"There is also a lot of uncertainty coming up with the Brexit vote next week," he said, referring to a June 23 British vote on whether to leave the European Union.
Worries that Britain, the world's fifth-largest economy, could quit the EU have dominated markets this week and driven investors towards safe-haven assets such as gold.
He said that he likes defensive sectors such as utilities, telecoms and consumer staples given a tepid economic growth outlook.
The materials group, which includes precious and base metals miners and fertilizer companies, gained 2.8 percent, with Teck Resources Ltd TCKb.TO up 5.3 percent at C$14.91 and First Quantum Minerals Ltd (FM.TO: Quote) adding 5.8 percent to C$8.64. Continued...