Canadian stocks advance on higher oil prices

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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