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CANADA STOCKS-TSX rally stalls as sentiment cautious; Fed in focus

Published 2015-10-08, 11:00 a/m
© Reuters.  CANADA STOCKS-TSX rally stalls as sentiment cautious; Fed in focus
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* TSX up 3.32 points, or 0.02 percent, to 13,871.67
* Six of the TSX's 10 main groups were up

TORONTO, Oct 8 (Reuters) - A four-day rally by Canada's main
stock index stalled on Thursday, ahead of the release of minutes
of the U.S. Federal Reserve's September meeting, with weak
commodity prices putting some pressure on resource stocks and
offsetting broad gains across other sectors.
Global stocks shied away from three-week highs following
unexpectedly weak economic data from Germany and Japan that
added to anxiety about global economic growth.
U.S. stocks were also in the red, as investors awaited the
Fed minutes, which they hope will provide more clarity on the
central bank's view of the global economy and its timing for
resuming raising interest rates. The minutes are due to be
released at 2:00 p.m. ET (1800 GMT).
At 10:38 a.m. ET (1438 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE rose 3.32 points, or 0.02
percent, to 13,871.67.
Of the index's 10 main groups, six sectors rose. Advancing
issues outnumbered declining ones on the TSX by 120 to 114, for
a 1.05-to-1 ratio on the upside.
Suncor Energy Inc SU.TO pulled the most weight on the
positive side, rising 1.3 percent to C$35.90. Energy stocks were
fairly mixed, however, with other big names offsetting the
gains. Enbridge Inc ENB.TO declined 1.4 percent to C$55.11.
The overall oil and gas group retreated 0.2 percent.
The heavily weighted financial stocks were up moderately,
led by Brookfield Asset Management 's BAMa.TO 1.1 percent gain
to C$43.18.
Canadian National Railway CNR.TO , which had its price
target raised by at least one analyst, was another major
positive gainer, advancing 1.0 percent to C$79.16. The overall
industrials sector added 0.4 percent.
First Quantum Minerals FM.TO fell 7.5 percent to C$8.19,
while the overall materials group, home to miners and other
resource names, slid 0.7 percent, hurt in part by a slide in
gold, silver and copper prices.
The always-influential Valeant Pharmaceuticals (NYSE:VRX) International
VRX.TO also dipped modestly, but was still among the biggest
drags offsetting some of the index's gains. The drug company was
down 0.7 percent at C$220.39, while the overall healthcare group
lost 2 percent.

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