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Roundup: Canadian stock market ends modestly higher on resources rally

Xinhua, April 15, 2015 Adjust font size:

Canada's main stock market in Toronto Tuesday eked out a slight gain as the rally in resources shares helped offset the selloff in the medical group.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index inched up 5.69 points, or 0.04 percent, to 15,389.28 points, as investors were awaiting the fresh official interest rate announcement and monetary policy report.

On Wednesday, the Bank of Canada will announce its decision on the target for the overnight rate. Analysts predicted that the central bank will keep the rate at the current level of 0.75 percent.

The energy sector, which accounts for nearly 22 percent of TSX, gained 1.96 percent as crude prices continued its rising streak Tuesday with light, sweet crude for May delivery gaining 1.38 U.S. dollars to 53.29 U.S. dollars a barrel on the New York Mercantile Exchange.

Canadian Oil Sands Ltd. advanced 6.16 percent to 12.07 Canadian dollars (about 9.66 U.S. dollars), and Encana Corp. strengthened 2. 13 percent to 14.87 Canadian dollars, and Canada's biggest oil and gas company Suncor also added 0.94 percent to 39.90 Canadian dollars per share.

Another resources group Metals and Mining lifted the market sentiment by 1.22 percent as Canada's biggest basic metals producer Teck Resources Ltd. increased 1.14 percent to 16.84 Canadian dollars. Another leading company First Quantum Minerals also climbed 1.15 percent to 15.86 Canadian dollars.

Financials, the index's most heavily weighted sector, slipped 0. 04 percent, with Manulife Financial Corp. down 0.81 percent to 22. 13 Canadian dollars, and the bank Toronto Dominion lost 0.04 percent to 55.35 Canadian dollars apiece.

However, Health Care, the biggest loser in TSX, lost 1.14 percent when its heavyweights Valeant Pharmaceuticals International plunged 1.12 percent to 260.91 Canadian dollars, and Concordia Healthcare Corp. tumbled 2.68 percent to 96.06 Canadian dollars.

Industrials and info tech were down 0.55 percent and 0.65 percent respectively.

On the currency front, the Canadian dollar on Tuesday traded higher at 0.8006 U.S. dollar from 0.7942 U.S. dollar on Monday over the weaker greenback. Endite