CANADA STOCKS-TSX edges lower as investors eye Fed meeting

Tue Sep 16, 2014 11:12am EDT
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* TSX down 34.99 points, or 0.23 percent, at 15,447.57
    * Seven of the 10 main index sectors decline
    * Mining stocks fall on choppy commodity prices

    By John Tilak
    TORONTO, Sept 16 (Reuters) - Canada's main stock index
declined slightly on Tuesday as investors appeared hesitant to
take major positions ahead of a key U.S. Federal Reserve policy
    Investors expect the Fed to provide more clarity on interest
rates at the end of a two-day policy meeting on Wednesday, with
increasing speculation that the central bank might raise rates
earlier than had been thought. 
    The Toronto stock market was also wary ahead of a press
conference by Bank of Canada Stephen Poloz later on Tuesday, and
before the Scottish referendum on independence on Thursday.
    "It's one of those days when people are just on hold and
really sitting on pins and needles, waiting to see what's going
to happen next," said Colin Cieszynski, chief market strategist
at CMC Markets Canada.
    "It's just in the last few days that we've started to see
stock markets starting to come around to the idea that perhaps
happy days may not be here forever and the liquidity party may
come to an end sooner than (expected)." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 34.99 points, or 0.23 percent, at 15,447.57.
Seven of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
slipped 0.2 percent, with Bank of Nova Scotia losing
0.3 percent to C$72.82, and Toronto-Dominion Bank giving
back 0.3 percent to C$57.41.
    The materials sector, which includes mining stocks, fell as
commodity prices remained choppy. Goldcorp Inc shed 1
percent to C$27.52, and Teck Resources Ltd dropped 1.2
percent to C$23.06.
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)