(Updates market action and adds analyst’s comment)
* TSX up 17.15 points, or 0.12 percent, at 14,750.13
* Six of the index’s 10 main sectors rise
By Solarina Ho
TORONTO, June 18 (Reuters) - Canada’s main stock index advanced marginally on Thursday, with gains limited by declines in energy and financial shares, as the lift in market sentiment provided by a more dovish U.S. Federal Reserve tone was undercut by concern over the Greek debt crisis.
Investors who were worried about an impending Fed interest rate hike took comfort in the view the Fed expressed in its statement on Wednesday that slower economic growth would slow the pace of rate hikes.
But expectations were low that Greece and its international creditors will reach a deal to prevent the debt-ridden country from defaulting at the end of June.
“Those seem to be the two things that are playing out here,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. “We still have to wait another month or so before earnings. I think that’s why markets are focusing more on these macro factors.”
At 11:08 a.m. EDT (1508 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 17.15 points, or 0.12 percent, at 14,750.13. Six of the index’s 10 main groups were higher.
The mining-heavy materials group was up 0.6 percent, with Goldcorp Inc rising 2 percent to C$20.77 and Barrick Gold Corp up 1.7 percent at C$14.37. The gold miners got a boost from more expensive bullion, which rallied on the Fed comments.
Energy companies opened higher, extending gains from the previous two sessions, but quickly reversed course as crude oil prices pared earlier advances.
Seven of the 10 biggest drags on the index were either energy or financial stocks. Suncor Energy Inc fell 0.9 percent to C$34.16, while Toronto-Dominion Bank dipped 0.5 percent to C$53.59.
The index’s energy sector was off 0.6 percent. while financials were down 0.3 percent.
$1=$1.22 Canadian Reporting by Solarina Ho; Editing by Peter Galloway