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TC Energy falls after U.S. regulator seeks corrective
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TSX rises 0.5%
By Johann M Cherian March 8 (Reuters) - Canada's main stock index edged higher on Wednesday, helped by gains in commodity-linked stocks and the banking sector after the Bank of Canada (BoC) kept interest rates on hold as expected. The BoC on Wednesday left its key overnight rate on hold at 4.50%, becoming the first major central bank to suspend its campaign against soaring inflation, given price pressures are easing as forecast. At 10:15 a.m. ET (1515 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 99.07 points, or 0.49%, at 20,374.61. "There were no surprises from the BoC as it kept the policy rate unchanged as it previously hinted," Stephen Brown, deputy chief North America economist at Capital Economics, wrote in a note. "Despite the renewed hawkishness of central bankers elsewhere, we continue to judge that the bank's next move will be an interest rate cut." The energy sector gained 1.1%, while materials rose 1.5%. The rate-sensitive banking sector added 0.1%. Miners, energy firms and financial stocks comprise nearly 60% of the TSX index. Although the TSX waded through losses during a volatile February, the index is on track to gain 4.5% for the current quarter on hopes of renewed demand in top-commodity consumer China. Among stocks, TC Energy fell 0.2% as the U.S. pipeline regulator said the oil services provider would be required to reduce operating pressure on its Keystone pipeline that spilled oil in rural Kansas in December. Meanwhile, a Statistics Canada report showed that the economy logged a trade surplus in January, driven by higher exports of farm, fishing and intermediate food products, as well as motor vehicles and parts. (Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar)
