CANADA STOCKS-Gains in oil shares limit TSX's retreat

Wed Apr 29, 2015 12:03pm EDT
 
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(Updates throughout with details, market moves, analyst's comment)

* TSX down 44.73 points, or 0.29 percent, at 15,301.34

* Seven of the index's 10 main groups fall

By Solarina Ho

TORONTO, April 29 (Reuters) - Canada's main stock index pared early-session losses on Wednesday, helped by a comeback in energy stocks on a jump in crude prices, but the index remained broadly lower.

Investors were cautious ahead of a U.S. Federal Reserve policy statement due on Wednesday afternoon that comes after data showed U.S. economic growth stalled in the first quarter, fortifying expectations that the Fed will be in no rush to hike interest rates.

"Unless they're sure that the economy is going to be all right, I think they'll just stay the course until the fall," said John Kinsey, a portfolio manager at Caldwell Securities.

Among the index's heavily weighted movers, business software company OpenText Corp fell 6 percent to C$62.63 after it reported disappointing quarterly results that were hurt by a soft Canadian dollar. The index's tech group was down 1.9 percent.

Other top decliners included two pipeline companies: Enbridge Inc fell 1.3 percent to C$63.95, and Transcanada Corp slid 1.3 percent to C$56.28.   Continued...