Energy, Miners Lead TSX Higher at Midday Ahead of FOMC Meeting; TSX Up 63 Points
The Canadian main stock index rose nearly 63 points at midday, reaching 14593.41, driven by gains in mining and energy stocks.
Investor focus was on the upcoming 2-day meeting of the U.S. Federal Reserve, which could clear up speculations over the monetary policy and the timing of interest rate increase by the bank. ScotiaMcLeod Portfolio Manager Michael Newton reportedly said: "Too much hard work has gone into orchestrating this
recovery. They're not going to do anything to upset the market."
The main gainer was the energy sector, up almost 2%, boosted by rising crude oil and natural gas prices . Miners were also sharply higher, up 1%, with Barrick Gold (ABX.TO) edging higher by 0.6%. The heavyweight financial sector gained 0.2%.
Meanwhile, the industrial sector posted the biggest loss at midday, down 0.7%. Info tech and utilities followed, both off 0.6%.
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