CANADA STOCKS-TSX advances after Fed comment; gold miners surge

Wed Oct 8, 2014 4:44pm EDT
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* TSX up 90.02 points, or 0.62 percent, at 14,666.47
    * Seven of 10 main index sectors advance
    * Goldcorp, Barrick among biggest gainers

    By John Tilak
    TORONTO, Oct 8 (Reuters) - Canada's main stock index
rebounded on Wednesday as dovish comments made by the U.S.
Federal Reserve helped fuel a rally in the gold-mining sector
and a gain in financials.
    Minutes from the Fed's latest policy meeting suggested the
central bank was not in any hurry to raise interest rates.
    The market's advance was, however, held back by weakness in
the energy sector, which tumbled 2 percent on Wednesday and had
the biggest negative influence.
    The benchmark TSX firmed after hitting a 4-1/2-month low
earlier in the session. It is down about 7 percent since hitting
a record high last month.
    "Investors need to accept that it's perfectly normal for the
market to swing like this, both ways, same day sometimes," said
Adrian Mastracci, portfolio manager at KCM Wealth Management.
    "The volatility is not finished yet. It's going to be
sticking around," he added. "This is not a market that is going
to go down in a straight line, or go up in a straight line or
stay in a straight line."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 90.02 points, or 0.62 percent, at 14,666.47.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, jumped
1 percent. Royal Bank of Canada gained 1.7 percent to
C$80.99, and Bank of Montreal climbed 1.6 percent to
    The gold-mining sector shot up 7 percent, buoyed by a gain
in the price of bullion. Goldcorp Inc surged 8 percent to
C$27.21, and Barrick Gold Corp advanced 4.6 percent to
    Shares of energy producers dropped 0.9 percent, with the
U.S. crude oil price down 1.4 percent. Suncor Energy Inc 
fell 0.8 percent to C$38.24, and Canadian Natural Resources Ltd
 lost 0.6 percent to C$39.76.

 (Editing by James Dalgleish and Meredith Mazzilli)