CANADA STOCKS-TSX rises on resource gains; focus on Fed

Wed Jun 18, 2014 11:25am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX up 15.64 points, or 0.10 pct, at 15,071.53
    * Six of the 10 main index sectors higher
    * Resource shares lead the way, TSX touches six-year high

 (Adds quote, details on sectors)
    TORONTO, June 18 (Reuters) - Canada's main stock index
touched a six-year high on Wednesday, as higher commodity prices
drove up shares of energy and mining companies as investors
waited for a U.S. Federal Reserve statement on its monetary
policy direction.
    Market players looked past data showing Canadian wholesale
prices rose twice as fast as expected in April, and seemed
reluctant to make big bets ahead of the Fed's announcement,
which was due after midday.
    About 90 minutes into trading, the Toronto Stock Exchange's
S&P/TSX composite index was up 15.64 points, or 0.10
percent, at 15,071.53. Six of the 10 TSX sectors were higher.
    The index has been rising sharply over the past 2-1/2 weeks,
and is not far from its record high of 15,154.77, set in June
2008.
    The TSX's heavily weighted energy sector, which was up 0.3
percent on Wednesday, has helped fuel the rise as the deepening
crisis in Iraq has driven oil prices higher.
    "It's amazing how Canadian equities have displayed an
inspiring resilience. And part of it is soaking up the fear and
anxiety," said Shailesh Kshatriya, associate director for client
investment strategies at Russell Investments Canada.
    Brent crude rose towards $114 a barrel on Wednesday as Sunni
militants continued their advance in northern Iraq.
 
    In the index's energy group, Talisman Energy rose
0.9 percent to C$11.57, while Canadian Natural Resources
 gained 0.9 percent to C$47.76.
    Copper prices pushed close to their highest level in two
weeks, while gold was steady, helping the mining-laden materials
sector to rise 1.2 percent. Iamgold Corp climbed 4
percent to C$4.39, while base metals miner HudBay Minerals
 rose 2.7 percent to C$9.98.
    Among individual stocks, BlackBerry Ltd jumped 3.6
percent to C$9.05 after it agreed to a licensing deal with
Amazon.com Inc that will let the smartphone maker offer
some 240,000 Android applications from Amazon's app store on its
line-up of BlackBerry 10 devices this fall..
    ($1=$1.09 Canadian)

 (Reporting by Cameron French and John Tilak; Editing by Peter
Galloway)