2 Min Read
* TSX up 71.36 points, or 0.5 pct, at 13,424.70
* All 10 main sectors gain
By Alastair Sharp
TORONTO, Sept 15 (Reuters) - Canada's main stock index gained half a percent by midday on Tuesday, lifted by a rise in energy companies in the wake of a moderate rise on the price of crude oil.
Caution remained a dominant theme on global markets, with investors waiting to see if the U.S. Federal Reserve will hike interest rates for the first time in nearly a decade following a policy meeting later in the week.
That presents a buying opportunity for those who are confident that the neighboring North American economies will improve in the second half of the year.
"We're taking advantage of the market correction to put cash to work," said Barry Schwartz, portfolio manager at Baskin Financial Services. "I'm like a kid in a candy store. In my opinion the problem is my mommy has only given me a dollar to spend."
At 11:48 a.m. ET (1548 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 71.36 points, at 13,424.70. All ten of the index's main groups were in positive territory.
The index had hit a peak above 15,500 points in April.
The most influential movers on the index were financials and energy companies with Canadian Natural Resources up 2.3 percent to C$26.70, and Manulife Financial Corp adding 1.1 percent to C$20.48.
The overall financials group climbed 0.5 percent while energy climbed 1.5 percent.
Valeant Pharmaceuticals International, a large weight and erratic stock, gained 1.7 percent to C$300.49.
Schwartz said he was avoiding oil and gas companies because volatility in crude markets was making valuating them difficult.
U.S. crude prices were up 1.3 percent to $44.56 a barrel, while Brent crude lost 0.1 percent to $46.31.
There were 2 gainers for every decliner, with no new 52-week highs and 6 new lows. (Editing by Bernadette Baum)