CANADA STOCKS-Bank, energy shares push TSX higher

Wed Apr 9, 2014 10:58am EDT
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* TSX rises 30.47 points, or 0.21 percent, to 14,402.92
    * Seven of the 10 main index sectors advance
    * Dollarama jumps after reporting results

    By John Tilak
    TORONTO, April 9 (Reuters) - Canada's main stock index rose
on Wednesday as gains in its financial and energy sectors helped
offset weakness in gold-mining shares after the bullion price
    Global equity markets have been stabilizing after a selloff
in U.S. biotechnology and technology shares that began last week
hit investor sentiment. 
    Investors were also awaiting minutes from the Federal
Reserve's latest meeting, seeking clues on U.S. monetary policy
    The Toronto stock market's benchmark index was up for a
second straight session and had recovered most of its recent
    "It's pretty quiet so far. We're just in a little bit of a
lull period here," said Colin Cieszynski, senior market analyst
at CMC Markets Canada. "You're essentially seeing markets
continue to consolidate."
    "I expect the Fed to continue tapering and sometime next
year to start normalizing interest rates," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 30.47 points, or 0.21 percent, at 14,402.92. It
has gained about 5.7 percent this year.
    "The TSX is holding up fairly well," Cieszynski said.
"Improvement in commodity prices will help the TSX in the short
term, and in the longer term Canada can still benefit from an
improving U.S. economy."
    Seven of the 10 main sectors on the index were higher on
    Financials, the index's most heavily weighted sector, rose
slightly. Royal Bank of Canada advanced 0.3 percent to
C$73.32, and Bank of Montreal added 0.3 percent to
    The energy group climbed 0.2 percent, with Canadian Natural
Resources Ltd gaining 0.3 percent to C$43.83. 
    Shares of gold producers lost 0.9 percent, reflecting a
decline in the bullion price. Barrick Gold Corp gave
back 0.9 percent to C$20.35.
    In corporate news, Dollarama Inc reported a higher
fourth-quarter profit and raised its quarterly dividend. Shares
of the retailer jumped 6.5 percent to C$91.31. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway)