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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

TSX rises to 11-month high, led by financials

Reuters
A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto, June 23, 2014. REUTERS/Mark Blinch

By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index rose to an 11-month high, then retraced gains to end barely higher on Wednesday, with gains for railways and banks offset by sharp losses among gold miners.

Shares in Canadian Pacific Railway Ltd (Toronto:CP.TO - News) jumped 5.5 percent to C$196.26 after the company said it expects volumes to improve in the second half, especially in grains.

Its larger rival Canadian National Railway Co (Toronto:CNR.TO - News) added 1.9 percent to C$83.13. The pair helped push the industrials group up 1.9 percent overall.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed up 8.96 points, or 0.06 percent, at 14,533.57. It touched its highest since Aug. 5 at 14,567.35.

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"Stock markets around the world are at all time highs and no one is that excited about it," said James Winckler, research associate at MacNicol and Associates Asset Management.

"To feel great about the Canadian stock market you need to see a meaningful turnaround in oil and commodities in general, and that's going to hinge on a turnaround in global growth, which I don't believe has occurred," he said.

While eight of the index's 10 main sectors rose and advancers outnumbered decliners by a 1.8-to-1 ratio, losses for gold miners weighed heavily as gold hit a three-week low.

Barrick Gold Corp (Toronto:ABX.TO - News) slumped 7.4 percent to C$26.00 and Goldcorp Inc (Toronto:G.TO - News) fell 5.5 percent to C$23.46.

The materials group, which includes precious and base metals miners and fertilizer companies, fell 3.8 percent.

The energy group rose 0.8 percent as oil turned higher after weekly U.S. inventory data revealed a slightly larger-than-anticipated drawdown, while rising supply weighed on gasoline prices.

Enbridge Inc (Toronto:ENB.TO - News) fell 1.9 percent to C$53.55. The pipeline operator agreed to pay $177 million in penalties and improved safety measures in a settlement with the U.S. government tied to one of the largest inland oil spills in U.S. history.

Financials rose 0.7 percent, including a 1 percent gain for Royal Bank of Canada (Toronto:RY.TO - News) to C$80.72.

Brookfield Asset Management Inc (BAMa.TO) rose 0.8 percent to C$45.99. The company plans to invest about $1 billion in Indian distressed assets through a joint venture with the largest lender in the South Asian nation.

(Additional reporting by Fergal Smith; Editing by Lisa Von Ahn and David Gregorio)