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CANADA STOCKS-TSX rises, led by banks as U.S. earnings season kicks off

Published 2017-01-13, 10:39 a/m
Updated 2017-01-13, 10:39 a/m
© Reuters.  CANADA STOCKS-TSX rises, led by banks as U.S. earnings season kicks off

(Adds details throughout on stocks and sectors, updates prices)

* TSX up 55.49 points, or 0.36 percent, at 15,473.65

* Eight of the TSX's 10 main groups rise

TORONTO, Jan 13 (Reuters) - Canada's main stock index rose on Friday, led by the country's heavyweight banks as U.S. fourth-quarter earnings season kicked off and bond yields rose.

Some of the most influential movers on the index were banks, with Toronto-Dominion Bank TD.TO rising 0.7 percent to C$67.56 and Royal Bank of Canada RY.TO climbing 0.8 percent to C$94.51.

Gains for Canadian bank stocks came as some major U.S. banks reported quarterly profits that beat expectations and bond yields rose after data showed U.S. retail sales rose solidly in December. bond yields increase net interest margins of banks and reduce the value of insurance companies' liabilities.

Manulife Financial Corp MFC.TO rose 1.6 percent to C$24.81, while the overall financials group gained 0.7 percent.

At 10:32 a.m. ET (1532 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 55.49 points, or 0.36 percent, to 15,473.65.

Still, it is on track to fall 0.1 percent for the week after reaching last week its highest since September 2014 at 15,621.40, a near all-time high.

Consumer staples rose 0.6 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, rose 0.4 percent even as some gold miners lost ground as gold prices fell.

Barrick Gold Corp ABX.TO declined 0.9 percent to C$21.96, while gold futures GCc1 fell 0.9 percent to $1,188.1 an ounce. GOL/

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Eight of the index's 10 main groups were higher, with the energy group little changed as oil fell.

U.S. crude CLc1 prices were down 0.7 percent at $52.62 a barrel.

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