CANADA STOCKS-TSX climbs as energy gains offset drop in Loblaw, Metro

Reuters

* TSX rises 22.04 points, or 0.17 percent, to 13,348.08

* Seven of 10 main index sectors advance

* Loblaw, Metro slip after quarterly earnings drop

By John Tilak

TORONTO, Nov 13 (Reuters) - Canada's main stock index edged

higher on Wednesday as gains in the energy and financial sectors

outweighed sharp declines in grocery chains Loblaw Cos Ltd

and Metro Inc spurred by weak earnings reports.

Investors also speculated about the outlook for the U.S.

Federal Reserve's stimulus program, with the market looking

ahead to Thursday, when Fed Vice Chair Janet Yellen is expected

to be nominated at a U.S. Senate Banking Committee hearing to

replace Ben Bernanke at the helm of the central bank.

"It goes beyond the tapering call," said Matt Skipp,

president of SW8 Asset Management, who noted that investors were

looking to see if there will be signs of a shift in Fed monetary

policy.

The Canadian market will be very sensitive any change in

interest rates, he added.

The Toronto Stock Exchange's S&P/TSX composite index

was up 22.04 points, or 0.17 percent, at 13,348.08.

Seven of the 10 main sectors on the index were higher.

Energy shares climbed 0.5 percent, as oil prices rose.

Suncor Energy Inc climbed 1.2 percent to C$36.94, and

Talisman Energy Inc advanced 0.7 percent to C$12.66.

Financials, the index's most heavily weighted sector, added

0.4 percent, with Toronto Dominion Bank climbing 0.4

percent to C$96.78.

But the consumer staples group gave back 2.2 percent.

Loblaw shed 6 percent to C$44.98 after it reported a 29

percent drop in quarterly profit, hurt by a later Thanksgiving

holiday and a decline in sales at its drugstores.

Metro lost 4.8 percent to C$62.59 after reporting a

larger-than-expected 40 percent drop in quarterly profit as

expanding U.S. retailers provided "intense competition" in its

home market.

View Comments (0)