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CANADA STOCKS-TSX advances after Fed keeps interest rates steady

Published 2015-09-17, 03:06 p/m
© Reuters. CANADA STOCKS-TSX advances after Fed keeps interest rates steady
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(Adds details, updates prices)
TORONTO, Sept 17 (Reuters) - Canada's main stock index rose
on Thursday after the Federal Reserve left interest rates
unchanged as global economic uncertainty and a recent spike in
market volatility kept the U.S. central bank from pulling the
trigger.
Questions about China's economic growth resulted in several
market swings in the past few weeks, with equities, commodities
and currencies making dramatic moves.
After a wild ride of its own, the benchmark TSX index is
down about 6 percent since the start of the year.
While the Fed did not rule out a potential rate increase
later this year, its current decision was influenced by global
macroeconomic risks and concerns about inflationary pressure.
ID:TLAHKEB0L
"The Fed seems to have pulled off yet another balancing
act," said Elvis Picardo, strategist and vice president of
research at Global Securities in Vancouver.
"The surge in volatility may have rightfully put the Fed's
plans on hold," he said. "They did what the market was probably
suspecting."
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE was up 94.98 points, or 0.69 percent, at 13,810.81.
Seven of the 10 main sectors on the index were higher.
The energy sector jumped 2 percent, shrugging off declines
in the price of Brent crude oil. Suncor Energy Inc SU.TO
advanced 1.4 percent to C$35.29, and Canadian Natural Resources
Ltd CNQ.TO added 0.5 percent to C$28.13.
Financials, the index's most heavily weighted sector, gave
back 0.6 percent. Royal Bank of Canada RY.TO lost 0.6 percent
to C$74.02, and Manulife Financial Corp MFC.TO declined 1.8
percent to C$20.68.

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