CANADA STOCKS-TSX Rises As Heavyweight Financial Stocks Rise



(Price update)

* TSX up 96.58 points, or 0.63%, to 15,495.69

* Nine of the top 10 TSX groups win

TORONTO, Feb. 3 (Reuters) – The main Canadian stock index rose on Friday, led by heavy financial and energy stocks as oil rose and investors weighed a much larger than expected increase in non-expected payrolls. agriculture in the United States.

The gains for financials came as the possibility of simpler US banking regulation pushed up US bank stocks. Many large Canadian banks have major operations in the United States.

Royal Bank of Canada rose 1% to C $ 94.63, while the financial services group as a whole gained nearly 1%.

US job growth rose more than expected in January, but a smaller-than-expected wage increase could ease the pressure on the Federal Reserve to raise short-term interest rates.

Gold prices rose as a weaker argument for short-term interest rate hikes put pressure on the US dollar, while US crude prices rose 0.7% to 53 , $ 91 a barrel as investors weighed the possibility of further sanctions against Iran.

Rising oil prices helped push energy stocks up 0.2%, with Suncor Energy Inc climbing 1.1% to C $ 40.95.

At 11:02 am ET (1602 GMT), the Toronto Stock Exchange’s S & P / TSX Composite Index rose 96.58 points, or 0.63%, to 15,495.69.

Last week, the index moved closer to 11 points from its all-time high of 15,685.13. But it fell 0.5% this week, under pressure from uncertainty over U.S. trade policy with Canada under President Donald Trump’s new administration.

Canadian Prime Minister Justin Trudeau takes a low-key approach to dealing with Trump, seeking to avoid clashes while indirectly signaling the two leaders’ differences to a national audience.

Department store operator Hudson’s Bay Co has made a move to buy out U.S. department store chain Macy’s Inc, The Wall Street Journal reported, citing sources.

Hudson’s Bay stocks jumped 4.7% to C $ 10.47.

Industrials rose 0.5% on the rise in rail stocks, while the materials group, which includes mining and fertilizer companies, added 0.2%.

Only one of the top 10 groups in the index fell, with telecoms falling 0.1%. (Report by Fergal Smith edited by W Simon)



Leave A Reply