TORONTO: Canada’s main stock index closed at a record high on Wednesday but well off its session highs, as sharp gains for gold miners were offset by losses among energy companies and a fall in grocery retailer Empire Company Ltd .
The Toronto Stock Exchange’s S&P/TSX composite index ended up 22.56 points, or 0.14 percent, at 16,136.59.
It had reached as high as 16,187.85 points but pared gains following news that the US Federal Reserve had hiked rates but kept its 2018 rate outlook unchanged.
Half of the TSX’s 10 main groups moved higher, with advancers outnumbering decliners by a 1.5-to-1 ratio overall.
The materials group, which includes precious and base metals miners and fertilizer companies, added 2.4 percent as gold miners jumped.
Goldcorp rose 5.6 percent to C$15.98, Kinross Gold added 6.8 percent to C$5.21, and Barrick Gold was up 3.3 percent at C$18.13, as bullion bounced off five-month lows after the Fed news.
The energy group retreated 1.5 percent, as oil prices fell with a larger-than-forecast rise in US gasoline inventories and as US crude output grew to record highs.
Empire Co, the parent company of the Sobeys grocery chain, fell 6 percent to C$24.59 after reporting earnings and saying it would rebrand as string of stores in Western Canada to a discount brand as part of an ongoing restructuring.
Source: Brecorder.com
