TSX closes up despite drops by grocers

TORONTO • The Toronto stock market moved higher Wednesday as gains in energy and financial shares helped balance out earnings misses from two of Canada’s biggest grocers and lingering disappointment that a meeting of Chinese leaders failed to yield hoped-for economic reforms.

The S&P/TSX composite index advanced 44.62 points to 13,370.66, with downward pressure coming from mining stocks as China concerns sent copper prices falling for a second day.

Loblaw Cos. Ltd. fell $3.61, or 7.55%, to $44.23 as the grocer lowered its 2013 forecast for profit growth and Metro Inc. shares lost $3.71, or 5.65%, to $62 as it showed a quarterly sales decline of 1.1% to $2.6-billion while same-store sales fell 1.8%.

The Canadian dollar was up US0.28¢ to US95.58¢, while two key U.S. indexes hit record highs: The Dow Jones industrial average ran ahead 70.96 points to 15,821.63 and the S&P 500 index gained 14.31 points to 1,782. Nasdaq rose 45.66 points to 3,965.58.

Meanwhile, Communist party leaders in Beijing wrapped up a four-day meeting on the economy late Tuesday, disappointing activists. The ruling party only said market forces would play a “decisive role” in China’s economy, an upgrade from “core role” assigned to the market.

wEnergy companies led advancers, up 0.86% as December crude on the New York Mercantile Exchange gained US84¢ to US$93.88 a barrel a day.