CANADA STOCKS-TSX firm as copper producers slip but energy shares gain

Tue Sep 9, 2014 11:22am EDT
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* TSX up 18.54 points, or 0.12 percent, at 15,527.93
    * Five of 10 main index sectors rise
    * First Quantum, Teck drop with copper price

    By John Tilak
    TORONTO, Sept 9 (Reuters) - Canada's main stock index edged
higher on Tuesday as a rise in energy stocks boosted by stronger
U.S. oil prices was partially offset by weakness in some
commodity producers, weighed down by weak copper prices.
    With the price of copper dropping 2.2 percent, First
Quantum Minerals Ltd shed 2.7 percent to C$23.71 and
Teck Resources Ltd declined 1 percent to C$23.91.
    The price of U.S. crude oil rebounded after a three-day
losing streak. 
    Stocks have been fluctuating amid a dearth of major economic
catalysts. Next week, however, investors will be able to assess
the impact of the Scottish referendum as well as a policy
meeting of the U.S. Federal Reserve.
    While the benchmark TSX is up about 14 percent this year, it
has fallen in each of the previous three sessions.
    "There's some general exhaustion," said Colin Cieszynski,
chief market strategist at CMC Markets Canada. "(The markets)
ran up so much and there hasn't really been any news to propel
them higher, so they're starting to come back down." 
    "The fallout from those two events is likely to dominate
trading for the rest of the month," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 18.54 points, or 0.12 percent, at 15,527.93.
Five of the 10 main sectors on the index rose.
    Shares of energy producers climbed 0.5 percent, with
Canadian Natural Resources Ltd rising 0.5 percent to
C$44.94 and Talisman Energy Inc advancing 1.2 percent
to C$10.92.
    Financials, the index's most heavily weighted sector,
slipped 0.3 percent. Toronto Dominion Bank gave back 0.3
percent to C$57.28 and Bank of Montreal lost 0.3
percent to C$83.94.

 (Editing by James Dalgleish)