CANADA STOCKS-TSX edges higher, led by banks and fertilizer stocks

Tue Aug 30, 2016 5:08pm EDT
 
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(New throughout, updates prices and market activity, adds portfolio manager comments, details on index performance and Ritchie Bros)

* TSX ends up 2.88 points, or 0.02 percent, at 14,684.85

* Five of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, Aug 30 (Reuters) - Canada's main stock index edged slightly higher on Tuesday as bank and fertilizer stocks rallied, but gains for the index were mostly pared as lower gold prices weighed on mining stocks.

The Toronto Stock Exchange's S&P/TSX composite index has rebounded 27 percent after hitting a three-year low in January. But the rally has stalled since earlier this month, when the index touched its highest in more than a year.

In the absence of a fresh catalyst, stock markets, including the TSX, are going to "trend sideways," said Jay Bala, senior portfolio manager at AIP Asset Management Inc., who favors investment strategies whose returns are not dependent on the direction of the overall market.

Catalysts could include a U.S. interest rate hike which would add to market volatility in the short-term, but be better for stocks over the long-term, Bala added.

The Toronto Stock Exchange's S&P/TSX composite index closed up 2.88 points, or 0.02 percent, at 14,684.85.   Continued...