CANADA STOCKS-TSX climbs as investors eye Fed policy meeting

Tue Oct 28, 2014 10:51am EDT
 
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* TSX up 47.11 points, or 0.33 percent, at 14,516.11
    * Nine of 10 main index sectors advance
    * TD, Suncor are among market's most influential gainers

    By John Tilak and Euan Rocha
    TORONTO, Oct 28 (Reuters) - Canada's main stock index
advanced on Tuesday, led by gains in the financial and energy
sectors, as the Federal Reserve was set to start a two-day
meeting to discuss monetary policy and the prospect of higher
interest rates.
    The U.S. central bank is expected to assure the markets that
it is prepared to wait a long time before raising rates.
 
    Stock markets have been increasingly choppy in recent weeks,
though volatility is still well below historic highs.
    The Toronto equity market joined its global peers in selling
off earlier this month and then rebounding. It is up more than 6
percent from an eight-month low it hit nearly two weeks ago.
    Some of the factors that have been weighing on investors are
uncertainty about Fed policy, tepid global growth, fluctuations
in commodity prices and geopolitical events.
    "We think of this selloff in October as a buying opportunity
rather than a start of something more serious," said Andrew
Milligan, head of global strategy at Standard Life Investments.
"I'm confident that the global economy will continue to grow."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 47.11 points, or 0.33 percent, at 14,516.11.
    The benchmark Canadian index began the year sharply
outperforming U.S. stocks but has now pared much of those early
gains because of a selloff in the energy sector over lower oil
prices.
    "Canada doesn't feature very prominently in our global
portfolios. We see better opportunities elsewhere," said Rahul
Khasgiwale, an investment director at Standard Life Investments.
    He said he needed to see an easing of Chinese growth
concerns and stabilization in commodity prices before turning
positive on Canada.
    Nine of the 10 main sectors on the index were higher on
Tuesday.
   Financials, the index's most heavily weighted sector,
advanced 0.6 percent. Toronto Dominion Bank rose 1
percent to C$54.74, and Bank of Nova Scotia added 0.7
percent to C$68.40.
    Shares of energy producers were up, with Talisman Energy Inc
 gaining 1.6 percent to C$7.11 and Suncor Energy Inc
 climbing 0.8 percent to C$38.44.

 (Editing by Nick Zieminski)