CANADA STOCKS-TSX hits one-week high ahead of Fed statement
* TSX rises 86.95 points, or 0.66 percent, to 13,267.11 * All of the 10 main index sectors advance * Barrick declines after directors leave * BlackBerry slips after former SAP executive joins company By John Tilak TORONTO, Dec 18 (Reuters) - Canada's main stock index rose sharply on Wednesday, hitting a one-week high, as investors awaited the outcome of a Federal Reserve policy meeting that could determine the fate of the U.S. central bank's monetary stimulus program. The market has been fixated on when the Fed will start scaling back its stimulative bond-buying program, which has injected trillions of dollars into the U.S. economy since its inception. With the world's biggest economy showing signs of acceleration, some investors fear the central bank might soon start to take its foot off the gas pedal. Fed officials began a two-day meeting on Tuesday, and their decision is expected to be announced on Wednesday afternoon. "There's a lot of trepidation that tapering might come earlier, but I don't expect anything dramatic from the Fed today," said Michael Sprung, president of Sprung Investment Management. "I think they're going to wait until they're fairly confident that the economic recovery has got enough momentum," he added. "Until that's pretty clear, I don't see them pulling back the throttle." The Toronto Stock Exchange's S&P/TSX composite index was up 86.95 points, or 0.66 percent, at 13,267.11, after rising as high as 13,290.70, its highest level since Dec.11. All of the 10 main sectors on the index rose. Shares of banks and insurers jumped 1 percent. Royal Bank of Canada, the country's biggest lender, climbed 1.2 percent to C$69.57, and Manulife Financial Corp added 1.2 percent to C$19.97. The energy sector received a boost from higher oil prices, gaining 0.4 percent. Suncor Energy Inc was up 0.5 percent at C$35.67, and Enbridge Inc rose 1.1 percent to C$44.43. In corporate news, Barrick Gold Corp said on Tuesday that two long-time directors, Donald Carty and Robert Franklin, have resigned from the company's board. The stock slipped 0.2 percent to C$18.20. Shares of BlackBerry Ltd were down 0.6 percent at C$6.45 after the smartphone maker said on Tuesday that former SAP executive John Sims will join the company as head of its global enterprise services business.
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.