Canadian stocks lifted by energy, financial shares

Canadian stocks closed higher Wednesday with gains in energy and financial shares, but concerns remained over losses from the nation's top grocers and the U.S. Federal Reserve's tapering. The Toronto Stock Exchange's benchmark S&P/TSX Composite Index ended up by 44.62 points, or 0.33 percent, to close at 13370.66. The market's main index was dragged down for a lower open earlier Wednesday with the speculation over the Fed's possible decision to scale down the stimulus policy. But the main index rallied in midday trading and closed with little change as energy and financial companies led advancers. The energy sector was up 0.86 percent with Canadian energy giant Suncor Energy Inc. up 2 percent to 37.23 Canadian dollars and its main competitor Canadian Natural Resources Limited up 0.47 percent to 32.28 Canadian dollars a share. Financial stocks were also supportive, up 0.65 percent as Royal Bank of Canada gained 1.69 percent to 71.06 Canadian dollars per share. Bank of Nova Scotia was up 0.7 percent to 64.90 Canadian dollars. The metals and mining sector was a major drag, down almost 2 percent as copper prices fell for a second day. First Quantum Minerals was down 83 Canadian cents to 18.56 Canadian dollars a share. Two of Canada's biggest supermarket groups, Loblaw and Metro, were weighing on the market. Loblaw Co. Ltd, Canada's largest food distributor, reported a 29-percent fall in its quarterly net profit as sales in its retail business dropped. Its shares lost 7.55 percent to 44.23 Canadian dollars a share. Metro shares lost over 5 percent to 62 Canadian dollars apiece after the company posted a lower quarterly profit, hurt by intensifying competition from U.S. retailers Target Corp and Wal-Mart Stores. The Canadian dollar inched 0.35 U.S. cents higher at 0.9567 U.S. dollars.