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CANADA STOCKS-TSX rises as bank gains offset energy losses
February 7, 2017 / 3:53 PM / 9 months ago

CANADA STOCKS-TSX rises as bank gains offset energy losses

(Adds details, updates prices)

* TSX up 45.69 points, or 0.3 percent, at 15,502.63

* Seven of TSX’s 10 main groups move higher

TORONTO, Feb 7 (Reuters) - Canada’s main stock index rose on Tuesday, with gains among heavyweight financial stocks on talk of a U.S. interest rate hike in March offsetting losses for shares of energy companies as oil prices fell.

At 10:33 a.m. ET (1533 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 45.69 points, or 0.3 percent, at 15,502.63. Seven of its 10 groups rose, although advancers only outnumbered decliners by 1.3-to-1 overall.

The modest tick higher came as two main U.S. indices hit fresh record highs.

Philadelphia Federal Reserve Bank President Patrick Harker said on Monday he was open to raising interest rates at the U.S. central bank’s March policy meeting if growth in jobs and wages continued.

The most influential movers on the Canadian index included the country’s biggest bank, Royal Bank of Canada, which rose 0.6 percent to C$95.28, and insurer Manulife Financial Corp , which advanced 1.1 percent to C$24.92. The financials group gained 0.5 percent overall.

Meanwhile the energy group slipped 0.3 percent as growing evidence of a U.S. shale production revival weighed on oil prices. Tourmaline Oil Corp fell 1.8 percent to C$29.48 and Enerplus Corp lost 2.7 percent to C$11.36.

Parex Resources Inc rose 4.1 percent to C$16.215 after the oil and gas company active in Canada and Colombia replaced its chief executive officer and said its proved plus probable reserves had grown 37 percent.

Canada posted a second consecutive monthly trade surplus for the first time in more than two years in December, but booming oil exports obscured weakness in some key sectors.

Restaurant Brands International Inc advanced 1.1 percent to C$64.99 after the owner of the Burger King and Tim Hortons chains provided some 2016 earnings guidance ahead of its full release next week.

Canadian National Railway gained 1.3 percent to C$90.92, while rival Canadian Pacific Railway advanced 0.3 percent to C$194.01.

Westjet Airlines Ltd added 0.3 percent to C$22.30 after it reported a higher-than-expected quarterly profit.

Gold miners pulled back as bullion was pressured by a stronger dollar, which gained against the euro on nervousness ahead of French elections and on weak German industry data.

Asanko Gold Inc declined 6.5 percent to C$4.60 and Pretium Resources Inc fell 2.4 percent to C$15.81 after it said its costs had increased as it moved to complete a speedier construction of its Brucejack mine. (Reporting by Alastair Sharp; Editing by Paul Simao)

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