CANADA STOCKS-TSX barely moves higher; Rogers, consumer stocks weigh

Wed Jan 27, 2016 11:25am EST
 
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(Adds details, updates prices)

* TSX up 26.59 points, or 0.22 percent, at 12,357.91

* Half of the TSX's 10 main groups move higher

TORONTO, Jan 27 (Reuters) - Canada's main stock index moved marginally higher in morning trade on Wednesday, with modest gains for heavyweight energy and banking stocks offsetting weakness in telecom and consumer names.

A disappointing earnings report pushed Rogers Communications Inc stock down 6 percent to C$47.90, while rising sales in export markets for information technology company CGI Group Inc helped boost its shares 6.2 percent to C$58.94.

The most influential drags also included convenience store operator Alimentation Couche-Tard, which fell 2 percent to C$60.90, and Tim Hortons and Burger King owner Restaurant Brands International, which lost 3.5 percent to C$46.42.

At 11:06 a.m. the Toronto Stock Exchange's S&P/TSX composite index was up 26.59 points, or 0.22 percent, at 12,357.91. Half of its 10 main groups were higher.

The energy group added 0.5 percent, as oil prices pared losses but analysts expected any rally to be tempered.

Financials added 0.9 percent and industrials were up 0.3 percent, while telecoms lost 1.8 percent and consumer staples and consumer discretionary groups also weighed.

The materials group, which includes precious and base metals miners and fertilizer companies, fell 0.5 percent.

Gold prices steadied below a 12-week peak ahead of a U.S. Federal Reserve policy announcement due later in the day. (Reporting by Alastair Sharp; Editing by Tom Brown)