UPDATE 1-Toronto stocks slightly lower, Fed in view
(Updates with details, analyst comment)
By Jonathan Spicer
TORONTO Jan 30 (Reuters) - The Toronto Stock Exchange's main index was slightly lower on Wednesday morning, with energy stocks rising ahead of the U.S. Federal Reserve's much-anticipated decision on interest rates later in the day.
Suncor Energy (SU.TO: Quote) was the biggest weighted gainer, up 2.7 percent, or C$2.49, to C$93.59 after its board approved a C$20.6-billion investment to ramp up crude oil production.
Suncor, the operator of Canada's second-largest oil sands project, also struck a deal with the Alberta government on royalties.
The Fed was set to announce its rate decision at 2:15 p.m. (1915 GMT), and Toronto and other stock markets were pricing in a 50 basis-point cut, although some observers are expecting a milder 25-point trim following last week's surprise cut of 75 points.
"It will be very disappointing if they only did a quarter in the United States -- that would really upset the market," said Joe Ismail, technical analyst at Maison Placements Canada.
The S&P/TSX composite index .GSPTSE was down 7.89 points, or 0.1 percent, at 13,038.54. Earlier in the morning, it had fallen more than 80 points.