CANADA STOCKS-TSX ends slightly lower as oil gloom drags on energy sector

Wed Jul 27, 2016 5:09pm EDT
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* TSX ends down 3.46 points, or 0.02 percent, at 14,546.54

* Six of the TSX's 10 main groups finish lower

By Alastair Sharp

TORONTO, July 27 (Reuters) - Canada's main stock index closed barely lower on Wednesday, hurt by losses in energy shares as oil prices slid on a surprise inventory build, which offset positive comments from the U.S. Federal Reserve.

The Toronto Stock Exchange's S&P/TSX composite index ended the rollercoaster session down 3.46 points, or 0.02 percent, at 14,546.54.

It pared losses from early in the session after the Fed held rates steady and said the risks to its outlook had diminished.

"Clearly the headliner for today was the Fed and their policy statement, and that explains ... a little bit of the swings that we're seeing here late in the day," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri.

The Canadian index turned lower earlier in the day as energy shares, a major component, were hurt by oil prices falling to three-month lows after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season.

The heavyweight energy group, which had been trading higher before the inventory report was released, fell 1.6 percent, with Suncor Energy Inc down 1 percent at C$34.66 and Cenovus Energy Inc losing 3.1 percent to C$17.50.   Continued...