CANADA STOCKS-TSX pushes higher on rise in gold miners, energy stocks

Wed Oct 14, 2015 4:37pm EDT
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(Adds strategist comment, updates prices to close)

* TSX ends up 30.60 points, or 0.22 percent, at 13,875.33

* Seven of its 10 main groups fall

By Alastair Sharp

TORONTO, Oct 14 (Reuters) - Canada's main stock index gained on Wednesday as rising gold miners and energy companies offset declines in most other sectors, including the hefty financials groups.

The price of bullion hit its highest since late June and the U.S. dollar sank as more signs of slowing growth in the United States and China raised doubts the Federal Reserve will raise U.S. interest rates later this year.

The materials group jumped 3.9 percent and energy stocks rose 1.2 percent, despite oil prices settling down slightly.

"You're looking at a commodity-based rally which is primarily on U.S. dollar weakness," said Sid Mokhtari, a market technician and director of institutional equity research at CIBC World Markets.

"It's reasonable to assume pressure on the U.S. dollar can persist until we get a better message out of the U.S. Fed on their intentions for policy."   Continued...