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CANADA STOCKS-TSX rises as financials rally ahead of Brexit vote

Published 2016-06-22, 11:21 a/m
© Reuters.  CANADA STOCKS-TSX rises as financials rally ahead of Brexit vote
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* TSX rises 19.64 points, or 0.14 percent, to 14,031.96
* Index touches its highest since June 13 at 14,066.56.
* Seven of the TSX's 10 main groups were higher

TORONTO, June 22 (Reuters) - Canada's main stock index
firmed to a one-week high on Wednesday, led by financial stocks
as investors grew more optimistic that Britons would vote to
stay in the European Union.
Canada's heavyweight bank stocks were among the most
influential movers on the index. Toronto-Dominion Bank TD.TO
rose 0.4 percent to C$56.58 and Royal Bank of Canada RY.TO
climbed by 0.5 percent to C$79.02, while the overall financials
group advanced 0.4 percent.
Stocks also drew support from Federal Reserve Chair Janet
Yellen's comments on the U.S. economy on Tuesday, when she
virtually ruled out a July interest rate hike.
Industrials advanced 0.8 percent as railway stocks
rebounded, while the healthcare group was up 1.7 percent.
At 11:02 a.m. EDT (1502 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE rose 19.64 points, or 0.14
percent, to 14,031.96. It touched its highest since June 13 at
14,066.56.
Seven of the index's 10 main groups were in higher.
Energy stocks were among those that dragged, retreating as
oil turned lower after earlier rising above $50 a barrel. The
overall energy group fell 0.5 percent, including a 1.2 percent
drop in Canadian Natural Resources Ltd CNQ.TO to C$38.38.
U.S. crude CLc1 prices were down 0.8 percent to $49.47 a
barrel after data showed a smaller-than-expected draw in U.S.
crude inventory.
Weakening in energy stocks came after the Alberta Energy
Regulator toughened rules determining if companies are
financially strong enough to buy oil and gas assets, a move some
energy industry players warned on Tuesday could hamper mergers
and acquisition in the province.
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 0.3 percent.
Canadian retail sales in April rose by 0.9 percent from
March to hit a record C$44.28 billion ($34.59 billion), thanks
largely to higher sales at gasoline stations, Statistics Canada
said.

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