TSX inches higher ahead of US Fed comments

Canada's main stock index rose slightly on Wednesday, helped by gains in technology stocks, while investors awaited comments from the US Federal Reserve on when it would ease its monetary stimulus.

Fed officials on Wednesday are expected to at least flag the pending start of talks about when and how to exit from the crisis-era policies the US central bank put in place at the onset of the COVID-19 pandemic last year.

At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 23.94 points, or 0.12%, at 20,255.26, with IT stocks, up 0.5%, leading gains.

Locally, inflation in May accelerated at its fastest pace in a decade for a second month in a row, driven by surging shelter and vehicle prices, as the impact of the statistical comparison to tanking prices last year eased, data showed.

The energy sector dropped 1% as US crude prices were down 0.1% a barrel, while Brent crude added 0.2%.

The financials sector gained 0.2%. The industrials sector rose 0.2%.

On the TSX, 131 issues were higher, while 85 issues declined for a 1.54-to-1 ratio favouring gainers, with 13.76 million shares traded.

The largest percentage gainer on the TSX was Canfor Corp , which jumped 2.5% after the forest products company said it would buy back up to 6.26 million shares.

Its gains were followed by NFI Group Inc, which rose 2.3% after the bus and motor coach manufacturer received an order for 195 buses from RATP Dev London.

Cyberscurity firm Blackberry Ltd fell 3.9%, the most on the TSX, and the second-biggest decliner was Kinross Gold Corp, down 2.8% after the miner temporarily suspended mill operations at its Tasiast mine due to a fire on June 15.

The most heavily traded shares by volume were Kinross, Tamarack Valley Energy Ltd and Canadian Natural Resources Limited.

The TSX posted 13 new 52-week highs and no new lows.

Across all Canadian issues, there were 74 new 52-week highs and two new lows, with total volume of 29.06 million shares.