CANADA STOCKS-TSX advances after Fed comments ease worries

Wed Apr 9, 2014 4:51pm EDT

* TSX rises 63.13 points, or 0.44 percent, to 14,435.58
    * Nine of 10 main index sectors advance
    * Dollarama jumps after reporting results

    By John Tilak
    TORONTO, April 9 (Reuters) - Canada's main stock index
climbed on Wednesday after minutes from the Federal Reserve's
latest meeting appeared to ease investor fears of an aggressive
roll-back of the U.S. central bank's stimulus program. 
    The minutes suggested the Fed might not be in a rush to
tighten monetary policy. 
    The commentary helped calm equity markets, which have been
volatile due to worries about the Fed's monetary policy
direction and its timeline to raise interest rates. A selloff in
U.S. biotechnology and technology shares that began last week
had also weighed on sentiment. 
    The Toronto stock market's benchmark index was up for a
second straight session and had recovered most of its recent
losses.
    It's no surprise that the market was bouncing back, said
Marcus Xu, president and portfolio manager at MY Capital
Management Corp in Vancouver.
    "(The Fed is) not going to touch rates anytime soon, given
the recovery is still pretty fragile," he added. "We think the
rally will resume and continue."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 63.13 points, or 0.44 percent, at 14,435.58.
It has gained about 6 percent in 2014 and has outperformed the
S&P 500 so far this year.
    "The TSX is probably a better place to be this year," said
Xu, who is a little more bullish about the resource groups.
    Nine of the 10 main sectors on the index were higher on
Wednesday.
    Financials, the index's most heavily weighted sector, rose
0.3 percent. Royal Bank of Canada advanced 0.2 percent
to C$73.25, and Bank of Montreal added 0.4 percent to
C$75.36.
    The energy group climbed 0.6 percent, with Canadian Natural
Resources Ltd gaining 0.8 percent to C$44.05 and
Enbridge Inc rising 0.1 percent to C$50.95. 
    In corporate news, Dollarama Inc reported a higher
fourth-quarter profit and raised its quarterly dividend. Shares
of the retailer jumped 8.4 percent to C$92.97. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway and Meredith Mazzilli)
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