TSX rises most in nearly three weeks as Clinton cleared

Mon Nov 7, 2016 4:39pm EST
 
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By Fergal Smith

TORONTO (Reuters) - Canada's benchmark stock index rose the most in nearly three weeks on Monday, led by banks and energy as oil rose and the FBI cleared U.S. Democratic presidential candidate Hillary Clinton of wrongdoing over emails just ahead of Tuesday's election.

An uncertain U.S. political environment and recent losses for oil weighed on the index last week, when it fell 1.9 percent, the most since February.

"The markets were definitely oversold. It is just one of these things where the pendulum swung too far in the one direction and now it is coming back," said John Kinsey, portfolio manager at Caldwell Securities.

Nine of the index's 10 main groups were in positive territory, although the materials sector, which includes precious and base metals miners and fertilizer companies, falling 1.4 percent.

Gold miners weighed heavily as bullion retreated on the news about Clinton, which is seen helping her in a tight race for the White House against Republican nominee Donald Trump. [GOL/]

Clinton is viewed by markets as a status quo candidate with more predictable policies than her Republican rival Donald Trump, a political novice. News favoring Clinton's presidential bid generally boosts global risk appetite.

The final results will be known on Wednesday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 143.20 points, or 0.99 percent, at 14,652.45.   Continued...

 
A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014.  REUTERS/Mark Blinch