(Adds analyst comment, updates prices to close)
* TSX ends up 77.75 points, or 0.58 percent, at 13,503.98
* Nine of the index's 10 main groups rise
* On track for best month since October 2011
By Alastair Sharp
TORONTO, March 30 (Reuters) - Canada's main stock index rose
on Wednesday as consumer and bank stocks bounced and equity
investors broadly cheered a more cautious tone on U.S. interest
rate hikes from the Federal Reserve.
"The whole market is basically on a rise because of her (Fed
Chair Janet Yellen's) comments about low (interest rates) for
longer," said Ian Nakamoto, director of research at MacDougall,
MacDougall & MacTier.
Yellen on Tuesday said the U.S. central bank should proceed
cautiously, pushing back on a handful of her colleagues who have
suggested another rate hike may be just around the corner.
"It's a psychological boost, but at the end of the day you
still need to have good earnings," Nakamoto said.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended the session up 106.67 points, or 0.79 percent,
at 13,532.90.
It is on track to notch a 5 percent gain in March, its
biggest monthly move higher since October 2011.
The heavyweight financials group gained 0.8 percent while
consumer staples rose 1.4 percent and consumer discretionary
stocks added 1 percent.
Among the most influential movers on the index was Royal
Bank of Canada RY.TO , which rose 0.9 percent to C$75.44, and
discount retailer Dollarama DOL.TO , which surged 7.5 percent
to C$88.91 after reporting a 25 percent jump in profit and
hiking its dividend.
Pipeline operator Enbridge Inc ENB.TO rose 2 percent to
C$50.09 and rival TransCanada Corp TRP.TO gained 2.3 percent
to C$50.72.
The overall energy group climbed 0.4 percent, paring much
larger early gains as the price of oil settled steady, erasing
most of the day's gains. O/R
Gold miners meanwhile lost ground as the precious metal
failed to retain its luster a day after rallying on Yellen's
go-slow signal. GOL/
Barrick Gold Corp ABX.TO declined 2.9 percent to C$17.82
and Agnico Eagle Mines Ltd AEM.TO fell 2.2 percent to C$47.66.
Gold remains on track for its best quarter in nearly 30
years, up 16.4 percent. GOL/
Nine of the index's 10 main groups moved higher, with just
under two advancers for every decliner.
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 1.1 percent.