CANADA STOCKS-TSX just squeezes higher as oil shares rise

Wed Apr 29, 2015 5:11pm EDT
 
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(Adds portfolio manager's comment, updates prices to close)

* TSX rises 1.27 points, or 0.01 percent, to 15,347.34

* Six of the index's 10 main groups fall

By Alastair Sharp

TORONTO, April 29 (Reuters) - Canada's main stock index edged higher for a second straight day on Wednesday as crude oil hit a 2015 high and lifted energy stocks, while a U.S. Federal Reserve statement clouded the U.S. economic outlook.

The Fed downgraded its view of the labor market and economy in Canada's largest trading partner, leaving some investors to wonder what factors could coax the Toronto Stock Exchange's benchmark S&P/TSX composite index higher.

"Leaving oil aside, I don't know what else can rescue the TSX, that's my problem," said Keith Richards, a portfolio manager and technical analyst at ValueTrend Wealth Management in Barrie, Ontario. "I'm wait and see on oil, and that's why I'm wait and see on Toronto."

Mixed earnings reports also buffeted the market.

Valeant Pharmaceuticals International Inc's shares jumped 3.7 percent to C$256.30 on a stronger sales outlook, while disappointing earnings from business software company OpenText Corp pushed its stock down 6.3 percent to C$62.46.   Continued...