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Canadian stocks rise as U.S. Fed keeps rates steady

Xinhua, June 16, 2016 Adjust font size:

Canada's main stock market in Toronto poked higher Wednesday as gold issues and other miners boosted materials group after U.S. Federal Reserve decided to keep its key interest rates unchanged.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index added 39.22 point, or 0.28 percent, to close at 13,923.45 points. Five of the TSX index's eight main sub-sectors were higher.

Metals & mining sector was up 4.21 percent as Teck Resources Limited jumped 5.31 percent to 14.88 Canadian dollars (11.51 U.S. dollars), and First Quantum Minerals Ltd. moved higher 5.75 percent to 8.64 Canadian dollars.

Among advancing gold mining stocks, Barrick Gold Corporation rose 4.33 percent to 26.52 Canadian dollars, Yamana Gold Inc. was up 5.81 percent to 6.56 Canadian dollars, and Kinross Gold Corporation increased 3.21 percent to 6.76 Canadian dollars.

On the other side of the ledger, Suncor Energy Inc. fell 0.56 percent to 33.96 Canadian dollars and Encana Corporation lost 0.77 percent to 10.28 Canadian dollars, while the overall energy group was down 0.31 percent as oil prices headed for a fifth straight fall.

Suncor, Canada's largest crude producer, told employees the massive wildfire that struck northern Alberta in May will cost it nearly 1 billion Canadian dollars.

Economically speaking, Statistics Canada reported manufacturing sales rose 1.0 percent to 50.4 billion Canadian dollars in April, ending a two-month losing streak.

Meanwhile, the Canadian Real Estate Association reported national home sales dropped 2.8 percent in May, after setting new records in April. Actual (not seasonally-adjusted) activity was up 9.6 percent compared to May 2015.

Still, the average price of a Canadian home sold in May was 509,460 Canadian dollars, a 13 percent increase in the past year and the highest figure on record. The strong gains are largely tied to hot markets in Ontario and British Columbia.

The Canadian dollar traded lower at 0.7736 U.S. dollar, compared with Tuesday's closing rate of 0.7780 U.S. dollar. Endit