(Adds portfolio manager quotes and details on telecoms group
and softwood lumber trade talks and updates prices)
* TSX closes up 69.37 points, or 0.48 percent, at 14,618.97
* Eight of the TSX's 10 main groups end higher
By Fergal Smith
TORONTO, Oct 12 Canada's main stock index
advanced on Wednesday for the first time in four sessions as a
rally in gold mining and other materials stocks offset a drop in
energy companies spurred by falling oil prices.
Gold mining stocks were among the most influential gainers
as minutes from the Federal Reserve's latest monetary policy
meeting did little to clarify expectations on the timing for its
next interest rate hike.
Barrick Gold Corp rose 2.3 percent to C$21.02,
while spot gold firmed 0.2 percent and the materials
group, which includes precious and base metals miners and
fertilizer companies, added 1.9 percent.
Teck Resources advanced 1.9 percent to C$24.74,
its highest in more than two years. In recent weeks, several
analysts have raised their price targets on the diversified
"A lot of the high dividend paying stocks, like REITs (real
estate investment trusts) and telecoms have been hurt because of
fears over rising rates, and I think interest rates are going to
rise but it is going to be very gradual," said Ian Nakamoto,
director of research at MacDougall, MacDougall & MacTier.
The telecoms group rose 0.8 percent, including a 1.1 percent
gain for BCE Inc to C$60.34, while the utilities group
was up 1.2 percent.
The Toronto Stock Exchange's S&P/TSX composite index
closed up 69.37 points, or 0.48 percent, at 14,618.97.
Eight of the index's 10 main groups ended higher.
Financials firmed 0.2 percent, including a 0.9 percent gain
for Brookfield Asset Management Inc to C$47.10.
Prometic Life Sciences Inc jumped 10.5 percent to
C$3.17 after reporting promising results from a clinical trial.
Climate-change activists on Tuesday disrupted the flow of
millions of barrels of crude from Canada to the United States in
rare, coordinated action that targeted several key pipelines
The energy group retreated 0.8 percent as oil prices fell.
Crescent Point Energy Corp fell 3.4 percent to
C$17.31 and Suncor Energy Inc slipped 0.6 percent to
U.S. crude oil futures settled 61 cents lower at $50.18 a
barrel after OPEC reported its September oil output hit
eight-year highs, offsetting optimism over the group's pledge to
bring a global crude glut under control.
The top U.S. and Canadian trade negotiators said on
Wednesday they would continue talks toward a new trade agreement
on softwood lumber, despite the expiration of a "standstill"
period prohibiting legal challenges over the long-standing
(Additional reporting by Alastair Sharp; Editing by Sandra