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Canada's main stock market inches higher as energy boosts

Xinhua, January 28, 2015 Adjust font size:

Canada's main stock market in Toronto on Tuesday ticked up modestly as the energy shares strengthened over rising oil prices, offsetting a slump in financial and miners sectors.

Toronto Stock Exchange's S&P/TSX composite index was up 36.05 points, or 0.24 percent, to close at 14833.88 points, with six of the eight majors sectors in the red.

Financials, the index's most heavily weighted sector, retreated 0.45 percent, as Royal Bank of Canada fell 0.25 percent to 75.12 Canadian dollars (about 60.56 U.S. dollars) after the Canada's biggest bank announced Tuesday that it decreased its prime lending rate by 15 basis points to 2.85 percent from 3.00 percent, effective on Jan. 28, 2015.

Analysts believed that more big Canadian banks would follow the suit on the rate cut that may stimulate more mortgage loans throughout the country.

Toronto-Dominion, another giant bank, slipped 0.42 percent to 52.23 Canadian dollars per share.

Metals and Mining sector led the losses, down 0.85 percent as copper prices moved down amid investors' concerns about China's economic growth. The basic metals giants Teck Resources Ltd. plunged 1.45 percent to 15.64 Canadian dollars, and First Quantum Minerals Ltd. slumped 1.47 percent to 12.04 Canadian dollars.

However, TSX index was still in the rising streak as the energy sector added 0.95 percent, in response to the higher crude oil prices on Tuesday. Light, sweet crude for March delivery gained 1. 08 U.S. dollars to settle at 46.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.44 dollars to close at 49.6 dollars a barrel.

Suncor Energy Inc. jumped 1.13 percent to 37.63 Canadian dollars, and Canadian Natural Resources Ltd. increased 0.99 percent to 36.63 Canadian dollars.

The index was also pushed up when the food retailer and distributor Metro Inc. announced a dividend hike for its stock holders. Its share price jumped 4.10 percent to 101.25 Canadian dollars.

In other sectors, Utilities advanced 0.47 percent, while Industrials dipped 0.46 percent. Telecom edged down 0.36 percent and Info-tech dropped 0.50 percent.

On currency front, the Canadian dollar rose to 0.8062 U.S. dollar on Tuesday, compared with 0.8023 U.S. dollar Monday, as the greenback declined against major currencies. Endite