- TSX ends up 0.2% at 24,588.58
- Materials group adds 1.5% as gold rises
- Cogeco Communications shares fall 5.9%
Jan 14 (Reuters) - Canada's main stock index edged up on Tuesday, helped by gains for financial and gold mining shares, but the move was limited as investors awaited a key U.S. inflation report this week.
The Toronto Stock Exchange's S&P/TSX composite index ended up 52.26 points, or 0.2%, at 24,588.58.
"It's strength in golds and financials primarily that are driving it," said Brian Madden, chief investment officer at First Avenue Investment Counsel Inc.
The materials group, which includes fertilizer companies and metal mining shares, climbed 1.5% as the price of gold clawed back some of the previous day's decline. Heavily weighted financials were up 0.3%.
"Anticipation is likely building for the big U.S. money center banks and some of the other financial institutions that are reporting their fourth quarter results tomorrow," Madden said. "That might be putting a bid to the Canadian financials as well."
U.S. quarterly earnings get under way on Wednesday with results from big banks, which are expected to post stronger profits on the back of robust dealmaking and trading.
Still, the TSX has retreated 4.3% from a record closing in December as investors brace for expected U.S. trade tariffs and after a hawkish shift in stance by the Federal Reserve.
U.S. consumer price index data, due on Wednesday, could offer clues on prospects of the Fed continuing its easing campaign at some point this year.
Some interest-rate sensitive sectors lost ground as Canada's 10-year yield climbed to a six-month high. Consumer staples fell 1.6% and utilities ended 0.6% lower.
The biggest declining stock was Cogeco Communications Inc. Its shares fell 5.9% after the telecommunications company reported quarterly revenue that fell short of estimates.
Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Leroy Leo and Aurora Ellis
Source: Reuters