Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

CANADA STOCKS-TSX notches biggest gain in six weeks as banks, miners gain

Published 2017-04-17, 05:12 p/m
Updated 2017-04-17, 05:20 p/m
© Reuters.  CANADA STOCKS-TSX notches biggest gain in six weeks as banks, miners gain

(Adds strategist comment, updates prices to close)

* TSX ends up 149.41 points, or 0.96 percent, at 15,684.89

* Nine of the TSX's 10 main groups end higher

By Alastair Sharp

TORONTO, April 17 (Reuters) - Canada's main stock index posted its biggest gain in more than six weeks on Monday as heavyweight banking stocks bounced back from a recent slip and several industrial miners also gained as Chinese data showed surprising growth.

The heavyweight financials group jumped 1.4 percent as bond yields recovered somewhat from multi-month lows, with Toronto-Dominion Bank TD.TO up 2.1 percent at C$66.20 and Bank of Nova Scotia BNS.TO adding 1.5 percent to C$77.14.

"We're getting a little bit of a rebound as investor focus shifts at least slightly away from some of the geopolitical worries and back to what's likely to be the headliner of the week, which is earnings reports," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri.

The most influential movers on the index also included Teck Resources Ltd TECKb.TO , which rose 1.6 percent to C$29.80, and Lundin Mining Corp LUN.TO , up 1.5 percent to C$7.45.

The base metal miners gains came as China's economy grew faster than expected in the first quarter as industrial output grew by the most in over two years. Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 149.41 points, or 0.96 percent, at 15,684.89.

That was its biggest one-day gain since March 1.

Nine of its 10 main sectors gained, with advancers outnumbering decliners by 2.5-to-1.

The index fell on Thursday to its lowest level in more than two weeks. The market was closed on Friday.

Gold miners weighed as the precious metal came off a five-month high, with Alamos Gold Inc AGI.TO falling 1.8 percent to C$10.75 and B2Gold Corp BTO.TO down 3.1 percent at C$3.7 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, was barely higher overall.

Marijuana stocks fell from last week's highs following the introduction of legislation to legalize its recreational use, with Canopy Growth Corp WEED.TO down 3.2 percent at C$9.61 and OrganiGram Holdings Inc OGI.V off 5.7 percent at C$2.66.

The energy group climbed 1.2 percent even as oil prices slipped, with pipeline company Enbridge Inc ENB.TO up 0.9 percent to C$56.77 and Suncor Energy Inc SU.TO adding 1.4 percent to C$41.26.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.