(Updates throughout with analyst comment, closing figures,
additional details)
* TSX up 39.90 points, or 0.3 percent, to 13,378.57
* Six of the TSX's 10 main groups rise
By Solarina Ho
TORONTO, Sept 25 (Reuters) - Canada's main stock index ended
higher on Friday as concerns about global growth eased and
prospects of a U.S. rate hike before the end of the year
improved investor sentiment, but the move failed to offset a
volatile week, with the market still losing 2 percent on the
week.
The TSX was sharply higher earlier, helped by reassuring
comments from Federal Reserve Chair, Janet Yellen, as well as
data that showed the U.S. economy, Canada's largest trading
partner, expanded more than forecast during the second quarter.
"It's been an unusually volatile month ... (Yellen's)
comments yesterday about the likelihood of rates going up this
year seems to have given some comfort to the market," said Elvis
Picardo, strategist at Global Securities in Vancouver.
A fall in BlackBerry Ltd BB.TO shares, however, helped
temper some of the gains. Shares fell 7.7 percent to C$8.64,
after the smartphone maker reported weaker-than-expected
quarterly results on Friday.
A 4.9 percent tumble in the healthcare sector, precipitated
by Valeant Pharmaceuticals (NYSE:VRX) International VRX.TO , was the
biggest contributor to the pull back in the TSX's earlier gains.
Shares of the index superweight sank 4.9 percent to C$265.01.
Valeant's moves shadowed U.S. biotech shares, which
officially entered bear market territory. The sell-off began on
Monday after leading U.S. Democratic presidential candidate
Hillary Clinton tweeted her intent to tackle unnecessarily high
prices in some drug markets.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended 39.9 points, or 0.3 percent higher, at
13,378.57.
Six of the index's 10 key groups were in positive territory.
Advancing issues outnumbered declining ones on the TSX for a
1.52-to-1 ratio on the upside.
"A lot of people are going to breath a sigh of relief once
this quarter is over," said Picardo, who is forecasting a fourth
quarter rally once the Fed gives more clarity on the rate hike
timing, and China, which has been hit by a string of
disappointing economic data, shows some stability.
The most influential positive movers on the index included
Canadian National Railway Co CNR.TO , which advanced 1.7
percent to C$74.37, and Toronto-Dominion Bank TD.TO , which
rose 1.2 percent to C$51.61.
The industrials group, home to CN Rail, rallied 1.7 percent,
while the heavyweight financials climbed 1 percent. Six of the
top 10 gainers carrying the most weight were financial names.
The materials group fell 0.9 percent, with gold mining
shares tracking bullion prices that eased after Yellen's
comments boosted the U.S. dollar.