CANADA STOCKS--Bank results, U.S. data drive TSX gains
* TSX rises 46.73 points, or 0.37 percent, to 12,653.95 * Seven of 10 main index sectors advance * TD, RBC jump after results, dividend increases * Gold-mining shares slip with price of bullion By John Tilak TORONTO, Aug 29 (Reuters) - Canada's main stock index climbed on Thursday, led by gains in financials, as bullish quarterly profit reports from major Canadian banks and strong economic data from the United States buoyed sentiment. The U.S. economy accelerated more quickly than expected in the second quarter, helped by a surge in exports, bolstering the case for the Federal Reserve to begin dialing back its bond buying program. Investor anxiety about Syria eased a little after signs pointed to a delay in military action by at least several days while the case was laid out to U.S. and British lawmakers. But that pulled down the prices of gold and oil, weighing on shares of the commodities' producers. Royal Bank of Canada and Toronto Dominion Bank , Canada's two biggest lenders, reported quarterly earnings that topped market expectations and raised their dividends. The two stocks had the biggest positive influence on the market. Canadian Imperial Bank of Commerce's third-quarter profit rose 6 percent, driven by stronger retail banking and wealth management income. "The health of the industry is very strong. It's been reflected in the results," said Victor Kuntzevitsky, an associate at Northland Wealth Management. "The only issue (for the banks) is whether the real estate market in Canada will continue to grow." The Toronto Stock Exchange's S&P/TSX composite index was up 46.73 points, or 0.37 percent, at 12,653.95. Seven of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, jumped 1.2 percent. TD added 1.9 percent to C$89.21, RBC climbed 1.3 percent to C$65.33, and CIBC rose 2 percent to C$82. The materials sector, which includes mining stocks, gave back 1.2 percent. Gold-mining shares slipped 2 percent after bullion dropped. Goldcorp Inc shed 1.5 percent to C$30.49, and Barrick Gold Corp was down 1.3 percent to C$20. With the price of oil declining, shares of energy producers lost 0.3 percent. Suncor Energy Inc fell 0.7 percent to C$36.21. Investors are hesitant to make big bets at this point, Kuntzevitsky said. "Nobody wants to make that large market call."
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.