CANADA STOCKS-Banks, miners push TSX toward fourth straight gain

Fri Jul 31, 2015 11:47am EDT
 
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(Updates market action with earnings results, analyst's comments)

* TSX up 87.31 points, or 0.61 percent, to 14,470.09

* Seven of the TSX's 10 main groups rise

By Solarina Ho

TORONTO, July 31 (Reuters) - Canada's main stock index was headed for its fourth straight day of gains on Friday with the heavily weighted financials and materials sectors leading the way as investors sought value after a bleak couple of months for the market.

The rise came despite losses in oil and gas stocks, which were hurt by a drop in crude prices after output numbers showed the OPEC producers were pumping near record levels into an already oversupplied market.

At 11:18 a.m. EDT (1518 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 87.31 points, or 0.61 percent, at 14,470.09.

Seven of the index's 10 primary sectors rose. Advancing issues outnumbered declining ones for a 1.68-to-1 ratio.

"We've really taken a beating here in Toronto in the last little while," said Rick Hutcheon, president and chief operating officer at RKH Investments, noting that August is historically a reasonably strong month.   Continued...