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CANADA STOCKS-TSX higher on boost from financial stocks

Published 2018-06-13, 09:58 a/m
© Reuters.  CANADA STOCKS-TSX higher on boost from financial stocks
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June 13 (Reuters) - Canada's main stock index rose on Wednesday, led by gains in financial stocks, ahead of the U.S. Federal Reserve's monetary policy decision later in the day.

* At 9:33 a.m. ET (1333 GMT), the Toronto Stock Exchange's S&P/TSX Composite index .GSPTSE was up 12.67 points, or 0.08 percent, at 16,301.65.

* The U.S. central bank is widely expected to raise interest rates and investors will look for clues on the pace of future rate hikes as borrowing costs return to more normal levels amid an ongoing U.S. economic expansion. Eight of the index's 11 major sectors were higher, led by the financials group .SPTTFS which gained 0.1 percent.

* Top boosts to the sector were shares of Toronto-Dominion Bank TD.TO and Brookfield Asset Management Inc BAMa.TO , up 0.6 percent each.

* The energy sector .SPTTEN , however, dropped 0.1 percent as oil prices fell, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. O/R

* Canadian Prime Minister Justin Trudeau, facing the threat of a trade war from U.S. President Donald Trump, has unanimous domestic support for now but to keep a firm hold on power must wring concessions from an unwilling powerful dairy lobby in order to mollify Washington. Canada's dairy sector is skimming global exports but U.S. farmers complain about exports having spiked from a country largely closed to importing dairy from other nations. On the NAFTA front, in a final debate, Mexican presidential favorite Andres Manuel Lopez Obrador said a NAFTA fail is "not fatal" when asked if talks fail to renegotiate the deal. On the TSX, 128 issues were higher, while 103 issues declined for a 1.24-to-1 ratio favouring gainers, with 4.93 million shares traded.

* The biggest percentage gainer on the TSX were shares of utility company, Altagas ALA.TO , which jumped 2.1 percent after the company sold 35 percent stake in its hydro projects. Alacer Gold Crp ASR.TO fell 2.5 percent, the most on the TSX, while the second biggest decliner was Prometic Life Sciences PLI.TO , down 1.4 percent.

* The most heavily traded shares by volume were Katanga Mining KAT.TO , Nemaska Lithium NMX.TO and Green Organic Dutchman Holdings TGOD.TO .

* The TSX posted six new 52-week highs and one new low.

* Across all Canadian issues there were 22 new 52-week highs and 3 new lows, with total volume of 10.29 million shares.

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