CANADA STOCKS-TSX climbs as Yellen comments offer support

Tue Feb 24, 2015 10:44am EST
 
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* TSX up 74.71 points, or 0.49 percent, at 15,274.97

* Eight of 10 main index sectors advance

* BMO slips after posting results

By John Tilak

TORONTO, Feb 24 (Reuters) - Canada's main stock index advanced on Tuesday as investors responded positively to comments from Federal Reserve Chair Janet Yellen on the U.S. central bank's monetary policy direction.

Yellen began testifying to U.S. lawmakers about plans for an eventual interest rate increase, saying the Fed was preparing to consider rate hikes "on a meeting by meeting basis."

Bank of Montreal shares shed 1.7 percent after the lender posted a smaller-than-expected first-quarter profit, hurt by the impact of declining long-term interest rates on its insurance unit and lower investment and corporate banking revenues.

Overall Tuesday's gain helped lift the benchmark index up nearly 4 percent so far this month.

"The tone is positive," said John Ing, president of Maison Placements Canada.   Continued...