TSX up almost 1 percent as Scotiabank shines, energy shares rise
By Alastair Sharp
TORONTO (Reuters) - Canada's benchmark stock index rose on Tuesday, led by financial shares after the country's third largest bank reported a rise in quarterly profit, while domestic data revealed the economy grew more than expected in the fourth quarter.
Bank of Nova Scotia (BNS.TO: Quote) jumped 5.8 percent to C$57.93 as the last of Canada's main banks to report quarterly earnings notched a 5 percent increase in net income and raised its dividend.
"Everyone was predicting doom and gloom for the banks and look at them, four of the five raised dividends," said Allan Small, a senior investment advisor at HollisWealth.
"Yes, their loan loss provision are higher, but you've got to expect that," he said, noting that he added to positions in financials amid recent stock price weakness.
The energy sector gained 2 percent, in line with a move higher in oil prices. Suncor Energy Inc (SU.TO: Quote) rose 1.6 percent to C$33.62 [O/R]
TransCanada Corp (TRP.TO: Quote) fell 0.8 percent to C$49.27 after Quebec said it was seeking an injunction to compel the company's proposed Energy East oil pipeline to be reviewed under the province's environmental laws.