CANADA STOCKS-TSX little changed as investors eye Fed comment

Wed Aug 20, 2014 10:51am EDT

Related Topics

* TSX up 7.16 points, or 0.05 percent, at 15,484.33
    * Five of 10 main index sectors advance
    * Energy shares climb with oil price

    By John Tilak
    TORONTO, Aug 20 (Reuters) - Canada's main stock index was
little changed on Wednesday, with weakness in the materials
sector offset by gains in industrials, as investors braced
themselves for monetary policy commentary from the U.S. Federal
Reserve. 
    As minutes from a recent Fed policy meeting are released
this afternoon, the market will be looking for clues about when
interest rates could go higher. Later this week, Fed Chair Janet
Yellen will address policymakers in Jackson Hole, Wyoming.
    The U.S. central bank is not likely to announce any major
policy changes, said Steven Palmer, president and chief
investment officer at AlphaNorth Asset Management. "The
expectation is that the Fed will start moving rates up sometime
in 2015." 
    He is positive about the outlook for Canadian equities:
"Ongoing strength in the resource sectors could accelerate into
year-end."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 7.16 points, or 0.05 percent, at 15,484.33. It
has gained nearly 14 percent this year and is one of the
strongest performers among its global peers.
    Five of the 10 main sectors on the index were higher on
Wednesday.
    The industrial sector advanced, with Canadian Pacific
Railway Ltd  rising 0.8 percent to C$218.06 and Canadian
National Railway Co adding 0.8 percent to C$75.59.
    Shares of energy producers climbed with the oil price.
Suncor Energy Inc gained 0.6 percent to C$43.53.
    The materials sector, which includes mining stocks, declined
slightly. Barrick Gold Corp gave back 0.6 percent to
C$20.47 and Goldcorp Inc lost 0.5 percent to C$30.92.

 (Editing by Meredith Mazzilli)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.