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Roundup: Canada's main stock market edges up ahead of Fed meeting

Xinhua, January 27, 2015 Adjust font size:

Canada's main stock market in Toronto moved slightly higher on Monday ahead of the U.S. Federal Reserve's policy meeting.

Toronto Stock Exchange's S&P/TSX composite index advanced 18.48 points, or 0.13 percent, to close at 14,797.83, with six of the eight major sectors rising.

Financials, the most weighed sector on TSX, was down 0.3 percent, when investors were waiting for the Fed's officials to meet on Tuesday to discuss possible interest rates lift.

The Royal Bank of Canada retreated 0.15 percent to 75.31 Canadian dollars (about 60.42 U.S. dollars) and Bank of Nova Scotia dropped 0.52 percent to 63.49 Canadian dollars.

The telecom sector plunged 1.87 percent with Telus Corp. dropping 1.43 percent to 43.54 Canadian dollars, and Rogers Communications Inc. shedding 4.21 percent to 45 Canadian dollars, after the finance consulting company Canaccord Genuity lowered its rating on the stock and predicted that Rogers may report a " sluggish" quarter finance report Thursday.

However, the index was strengthened as the metals and mining sector added 0.79 percent, after March copper was ahead 4.15 cents to 2.543 U.S. dollars per pound on the COMEX division of the New York Mercantile Exchange.

Teck Resources Ltd. climbed 2.52 percent to 15.87 Canadian dollars, and Turquoise Hill Resources Ltd. surged 1.44 percent to 3.53 Canadian dollars.

Energy, another resources sector, rallied 0.33 percent when Crescent Point Energy Corp. rose 1.54 percent to 30.93 Canadian dollars and Cenovus Energy Inc. gained 0.90 percent to 24.61 Canadian dollars.

Among other gainers, Healthcare and Utilities both grew 0.08 percent on Monday.

On the currency front, the Canadian dollar dropped to 0.8023 U. S. dollar on Monday, compared with 0.8049 U.S. dollar last Friday. Endite