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CANADA STOCKS-TSX nears all-time high as energy, financials stocks gain

Published 2017-01-25, 10:41 a/m
© Reuters.  CANADA STOCKS-TSX nears all-time high as energy, financials stocks gain
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(Adds details on specific stocks, updates prices)

* TSX up 53.68 points, or 0.34 percent, to 15,664.37

* Index nears 15,685.13, its all-time high hit in Sept 2014

* Six of the TSX's 10 main groups move higher

TORONTO, Jan 25 (Reuters) - Canada's main stock index approached an all-time high on Wednesday, led by gains for heavyweight financial and energy stocks as global stocks climbed, while lower gold prices weighed on gold mining shares.

The move towards a record came as the Dow Jones Industrial Average traded above 20,000 for the first time, as U.S. President Donald Trump's signing of numerous executive orders since his inauguration on Friday boosted pro-growth sentiment.

Gold miners held the Canadian index back, as investors shunned bullion, typically seen as a safe haven.

At 10:12 a.m. ET (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 53.68 points, or 0.34 percent, to 15,664.37, within striking distance of its September 2014 record peak of 15,685.13.

The most influential gainers on the index included some of its biggest banks and insurers, with Royal Bank of Canada RY.TO up 0.8 percent to C$94.16 and Manulife Financial Corp MFC.TO advancing 1.4 percent to C$25.35.

The financials group, which accounts for more than a third of the index's weight, gained 0.8 percent.

TransCanada Corp TRP.TO rose 1.3 percent to C$65.05, adding to an all-time high the stock hit on Tuesday, when Trump signed an executive order putting its Keystone XL pipeline back into play. energy group climbed 0.5 percent, even as oil prices slipped on signs that growing U.S. shale production would reduce the impact of cuts by OPEC and other major exporters. O/R

The Keystone pipeline would help Canadian oil sands producers tap the world's largest refining market for their oil and boost the price they get for their crude.

Shares in Canadian National Railway Co CNR.TO dipped 1.4 percent to C$92.46, as the country's largest railway company reported earnings that beat expectations but pointed to moderate volume growth in 2017. materials group, which includes precious and base metals miners and fertilizer companies, lost 0.8 percent, as a string of gold miners weighed as gold prices fell with Trump trade revival.

Barrick Gold Corp ABX.TO , which said its gold and copper production fell in 2016, declined 1.3 percent to C$23.54. of the TSX's 10 main groups rose, with five advancers for every two decliners. Fifteen stocks were posting new 52-week highs.

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