TSX just short of all-time high as financials, energy stocks gain
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index edged toward an all-time high on Wednesday, boosted by financial stocks as bond yields rose and by energy stocks in the wake of U.S. President Donald Trump's move to advance two major pipeline projects.
The Toronto Stock Exchange's S&P/TSX composite index closed up 33.15 points, or 0.21 percent, at 15,643.84, just off its September 2014 record peak of 15,685.13.
The move towards that record came as the Dow Jones Industrial Average closed above 20,000 for the first time, helped by solid earnings and as optimism over Trump's pro-growth initiatives revitalized a post-election rally. [.N]
"Canada will benefit from a better U.S. economic environment," said Kevin Headland, senior investment strategist at Manulife Investments. "The pro-pipeline stance is just another benefit that I think Trump and the Republican Party is going to provide to Canada."
TransCanada Corp rose 0.4 percent to C$64.47, adding to an all-time high the stock hit on Tuesday, when Trump's executive order put its Keystone XL pipeline back into play.
The pipeline would help Canadian oil sands producers tap the world's largest refining market for their oil and boost the price they get for their crude.
The broader energy group also rose 0.4 percent, even as oil prices slipped on signs that growing U.S. shale production would reduce the impact of cuts by OPEC and other major exporters. [O/R]
The most influential gainers on the index included some of its biggest banks and insurers, with Royal Bank of Canada up 0.7 percent to C$93.99 and Manulife Financial Corp advancing 1.5 percent to C$25.38. Continued...