October 8, 2015 / 3:01 PM / in 2 years

CANADA STOCKS-TSX rally stalls as sentiment cautious; Fed in focus

* TSX up 3.32 points, or 0.02 percent, to 13,871.67

* Six of the TSX’s 10 main groups were up

TORONTO, Oct 8 (Reuters) - A four-day rally by Canada’s main stock index stalled on Thursday, ahead of the release of minutes of the U.S. Federal Reserve’s September meeting, with weak commodity prices putting some pressure on resource stocks and offsetting broad gains across other sectors.

Global stocks shied away from three-week highs following unexpectedly weak economic data from Germany and Japan that added to anxiety about global economic growth.

U.S. stocks were also in the red, as investors awaited the Fed minutes, which they hope will provide more clarity on the central bank’s view of the global economy and its timing for resuming raising interest rates. The minutes are due to be released at 2:00 p.m. ET (1800 GMT).

At 10:38 a.m. ET (1438 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 3.32 points, or 0.02 percent, to 13,871.67.

Of the index’s 10 main groups, six sectors rose. Advancing issues outnumbered declining ones on the TSX by 120 to 114, for a 1.05-to-1 ratio on the upside.

Suncor Energy Inc pulled the most weight on the positive side, rising 1.3 percent to C$35.90. Energy stocks were fairly mixed, however, with other big names offsetting the gains. Enbridge Inc declined 1.4 percent to C$55.11. The overall oil and gas group retreated 0.2 percent.

The heavily weighted financial stocks were up moderately, led by Brookfield Asset Management’s 1.1 percent gain to C$43.18.

Canadian National Railway, which had its price target raised by at least one analyst, was another major positive gainer, advancing 1.0 percent to C$79.16. The overall industrials sector added 0.4 percent.

First Quantum Minerals fell 7.5 percent to C$8.19, while the overall materials group, home to miners and other resource names, slid 0.7 percent, hurt in part by a slide in gold, silver and copper prices.

The always-influential Valeant Pharmaceuticals International also dipped modestly, but was still among the biggest drags offsetting some of the index’s gains. The drug company was down 0.7 percent at C$220.39, while the overall healthcare group lost 2 percent. (Reporting by Solarina Ho; Editing by Frances Kerry)

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