CANADA STOCKS-TSX firm as copper producers slip but energy shares gain

Tue Sep 9, 2014 4:46pm EDT
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* TSX up 27.42 points, or 0.18 percent, at 15,536.81
    * Five of 10 main index sectors rise
    * First Quantum, Teck drop with copper price

 (Adds details, quotes, updates prices)
    By John Tilak
    TORONTO, Sept 9 (Reuters) - Canada's main stock index edged
higher on Tuesday, snapping a three-day losing streak as gains
in the heavyweight energy and financial sectors offset shares of
commodity producers that were driven lower by weak copper
    With the price of copper dropping more than 2
percent, First Quantum Minerals Ltd was among the
biggest weights on the TSX, shedding 1.9 percent to C$23.90,
while Teck Resources Ltd slipped 0.7 percent to
    A rebound in the price of U.S. crude after recent
weakness helped the energy sector lead the way higher,
though crude futures dropped in after-hours trade.
    Stocks have been fluctuating in small increments amid a
dearth of major economic catalysts, though the index is not far
off its record high. Next week, however, investors will be able
to assess the impact of the Scottish referendum as well as a
policy meeting of the U.S. Federal Reserve.
    "The market has been treading water here. Everybody is a
little cautious and traders are afraid of taking bigger
positions," said Marcus Xu, president and portfolio manager at
M.Y. Capital Management Corp in Vancouver. 
    "You're going to see a little bit more volatility in the
second half of the month. With concerns on valuations and
interest rates, you don't want to be too aggressive."
    While Xu is positive on Canadian stocks, he does not expect
the TSX to do much between now and the end of the year.
    The Toronto Stock Exchange's S&P/TSX composite index
 finished up 27.42 points, or 0.18 percent, at
15,536.81. Half of the 10 main sectors on the index rose.
    While the benchmark TSX is up about 14 percent this year, it
had fallen in its previous three sessions.
    "There's some general exhaustion," said Colin Cieszynski,
chief market strategist at CMC Markets Canada. "(The markets)
ran up so much and there hasn't really been any news to propel
them higher, so they're starting to come back down."
    Among Bay Street's biggest gainers on Tuesday, Canadian
Natural Resources Ltd rose 0.3 percent to C$44.87 and
Suncor Energy added 0.3 percent to C$43.67. The energy
sector gained 0.4 percent.
    Financials, the index's most heavily weighted
sector, overcame earlier weakness to rise 0.2 percent. Royal
Bank of Canada gained 0.5 percent to C$81.21 and Bank of
Nova Scotia put on 0.5 percent to C$72.20.

 (Additional reporting by Leah Schnurr; editing by Gunna