Canadian stocks advance on higher oil prices

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Toronto, April 28 (IANS) Canada’s main stock market in Toronto continued to rise as upward crude oil prices supported resources sectors, while financial stocks also got a boost after the US Federal Reserve kept interest rates unchanged.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index gained 78.22 points, or 0.57 percent, to close at 13,887.66 points on Wednesday, Xinhua news agency reported.

Six of the TSX index’s eight main sub-sectors were higher.

Oil prices jumped on Wednesday as the Federal Reserve announced that it will maintain the target range for the federal funds rate at 0.25-0.5 percent, but gave little clue on the timing of its next rate hike.

The Canadian dollar traded slightly higher at $0.7925, compared with Tuesday’s closing rate of $0.7923.

–IANS

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