CANADA STOCKS-TSX inches higher as BoC and Fed cut interest rates

By Fergal Smith

Sept 17 (Reuters) - Canada's benchmark stock index ended slightly higher on Wednesday, helped by gains for consumer discretionary shares, as the Bank of Canada and the Federal Reserve resumed cutting interest rates.

The S&P/TSX composite index .GSPTSE ended up 6.43 points, or 0.02%, at 29,321.66, after notching a record intraday high of 29,465.14.

Both the BoC and the Fed cut rates by 25 basis points to support their economies, marking their first actions in months.

"What we got was what was expected," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth, adding that the pricing in of rate cuts in recent weeks had helped the market overcome a seasonally challenging period.

"I believe they're (the BoC) going to cut again over the fourth quarter," Small said. "It's stimulative for the economy and therefore for the stock market."

Investors see a roughly 75% chance the Canadian central bank eases further by December. 0#CADIRPR

The consumer discretionary sector .GSPTTCD rose 0.39% as shares of Dollarama DOL.TO and Magna International Inc MG.TO notched gains.

Heavily weighted financials added 0.14%, but six of the 10 major sectors ended lower.

Technology declined 0.93%, with electronic equipment company Celestica Inc CLS.TO losing 2.60%.

Energy ended 0.37% lower as the price of oil CLc1 settled down 0.7% at $64.05 a barrel.