CANADA STOCKS-TSX climbs as investors consolidate after selloff

    * TSX rises 55.85 points, or 0.41 percent, to 13,638.14 
    * Nine of 10 main index sectors advance 
    * First Quantum up after raising Cobre Panama output outlook 
 
    By John Tilak 
    TORONTO, Jan 28 (Reuters) - Canada's main stock index firmed 
on Tuesday after concerns about emerging markets eased for the 
moment, with investors looking ahead to a U.S. Federal Reserve 
meeting and a Turkish central bank decision for signs of 
monetary policy direction. 
    Fears about China's economic growth and another possible 
move by the Fed to scale back its stimulus have been weighing on 
investor sentiment since last week. Further, recent sharp drops 
in the Argentine peso and the Turkish lira threw global markets 
into disarray. 
    The markets remained jittery ahead of a decision by Turkey's 
central bank about whether to raise interest rates in an attempt 
to stabilize the currency.    
    After a solid rebound in the second half of 2013 and a 
promising start to the current year, the Toronto market recorded 
two of its biggest single-day drops in recent months in the 
previous two sessions. 
    Some market analysts were cautious about Tuesday's gains. 
    "There is not a lot of confidence that this move back up is 
sustainable. It's going to tread water for a while," said Ian 
Nakamoto, director of research at MacDougall, MacDougall & 
MacTier. "We've had such a strong market performance that we're 
due for some sort of a correction."  
    Nakamoto expects the recent weakness in the Canadian dollar 
to benefit the country's export-driven companies and sees the 
TSX ending the year higher. 
    The Toronto Stock Exchange's S&P/TSX composite index 
   was up 55.85 points, or 0.41 percent, at 13,638.14.  
    Nine of the 10 main sectors on the index were higher. 
    Financials, the index's most heavily weighted sector, gained 
0.2 percent, with Manulife Financial Corp    adding 1.1 
percent to C$20.78. 
    Shares of energy companies rose 0.7 percent, helped by 
higher oil prices. Canadian Natural Resources Ltd    
advanced 1.5 percent to C$35.90 and was one of the most 
influential gainers on the index.  
    The materials sector, which includes mining stocks, added 
0.8 percent. Barrick Gold Corp    climbed 1.2 percent to 
C$20.86, and Teck Resources Ltd    advanced 1.4 percent 
to C$27.26. 
    In corporate news, First Quantum Minerals Ltd    said 
its Cobre Panama project in Central America should produce about 
20 percent more copper than previously planned, but initial 
production will be delayed and development costs will be higher. 
The stock rose 0.9 percent to C$20.01.    
     
 
 (Editing by Chizu Nomiyama) 
 ((john.tilak@thomsonreuters.com)(1-416-687-7918)(Reuters 
Messaging: john.tilak.reuters.com@reuters.net)) 
  
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