TSX Positive But Stocks Limp Into The Close -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Wednesday, ending a week-long losing skid as the U.S. Federal Reserve delayed raising interest rates.

However, strong early gains evaporated in the final moments of the session, leaving Toronto's main index with only a modest advance.

In a statement initially cheered by markets, the Fed gave no indication that a rate hike is coming this summer.

Gold stocks surged on the murky Fed remarks, while energy stocks fell along with crude oil prices.

The S&P/TSX Composite Index was up 0.3 percent to 13,923.45.

Gold stocks rose 4 percent, as bullion prices jumped near $1300 an ounce. Base metal stocks jumped 4 percent.

Sea-Doo maker BRP (DOO.TO) will appeal a $60-million patent award. Shares rose 2.6 percent.

Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced that it appointed Thomas Ross, Sr. as its lead independent director. Shares slipped 0.8 percent.