CANADA STOCKS-TSX gains as resources stocks rise; Cameco sinks

Wed Feb 1, 2017 5:02pm EST
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 16.43 points, or 0.11 percent, at 15,402.39

* Advancing stocks outnumber decliners by 1.4-to-1 ratio

By Alastair Sharp

TORONTO, Feb 1 (Reuters) - Canada's main stock index eked out a small gain on Wednesday as miners and energy stocks rose with higher prices for oil and some base metals, while nuclear producer Cameco Corp sank on news of a scrapped contract.

The move broke a four-day fall for the index that saw it notch its lowest close this year on Tuesday, after coming within striking distance of an all-time high.

"I think that we're groping our way through, trying to decide whether the market wants to go higher or if we've reached a short-term pause point," said Rick Hutcheon, president and chief operating officer at RKH Investments, adding that he thinks a pause more likely.

"The market now needs to see more clarity," particularly around the economic policies of U.S. President Donald Trump, Hutcheon said.

The Toronto Stock Exchange's S&P/TSX composite index settled up 16.43 points, or 0.11 percent, at 15,402.39. Advancers outnumbered decliners by a 1.4-to-1 ratio.   Continued...