TSX up slightly despite declining oil and gold prices




The Toronto Stock Exchange was holding on to modest gains at midday on Tuesday despite declining oil and gas prices.

At midday, the S&P/TSX composite index was ahead 15 points, or 0.11 per cent, to about 13,310.

On the New York Mercantile Exchange the price of oil was down 10 cents to $88.50 U.S. a barrel, and gold was $1.00 lower at $1,397.00 U.S. an ounce.

The Canadian dollar advanced 20 basis points to 99.44 cents U.S. in late-morning trading.

"Global markets have been in a holding pattern this morning as investors await the last U.S. Federal Reserve interest rate and quantitative easing decision for the year," analyst Colin Cieszynski of CMC Markets wrote in a morning note. "With no changes expected, the Street may focus on the accompanying commentary for indications of whether the Fed may be leaning toward increasing or decreasing QE next year."

Statistics Canada reported Tuesday that its composite index of leading indicators rose 0.3 per cent during November. It was the second straight increase in the index, following a similar revised increase in October, but it was less than the 0.5 per cent analysts had forecast.

Also on Tuesday, retail sales in the U.S. in November doubled analysts' estimates, which boosted markets south of the border.

At midday, the Dow Jones industrial average was ahead by 66 points, or 0.58 per cent to about 11,494.86, and the Nasdaq composite index was up about 10 points, or 0.38 per cent to 2,635.