November 17, 2015 / 4:28 PM / in 2 years

CANADA STOCKS-TSX rises, building on Monday's rally, led by financials

(Adds portfolio manager quote, updates prices, updates details)

* TSX up 24.54 points, or 0.18 percent, to 13,342.06

* Six of the TSX’s 10 main groups were higher

By Fergal Smith

TORONTO, Nov 17 (Reuters) - Canada’s main stock edged higher on Tuesday, building on Monday’s rally, led by strength in heavyweight financial stocks and helped by positive sentiment created by better-than-expected earnings from U.S. retailers.

“After you have a blowout day like you did yesterday and then you had eight days in a row prior to that of dropping, one has to wonder if it is a dead-cat bounce or one has to wonder if there is follow-through, and so I can understand the market being tentative today,” said Barry Schwartz, portfolio manager at Baskin Financial Services.

At 11:06 a.m. ET (1606 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 24.54 points, or 0.18 percent, to 13,342.06.

Of the index’s 10 main groups, six were in positive territory.

Financials rose 0.6 percent, led by a 0.6 percent advance for Toronto-Dominion Bank to C$54.29 and a 0.8 percent gain for Bank of Nova Scotia to C$60.6.

Energy stocks dipped 0.2 percent after soaring more than 4 percent on Monday. Pullback in crude oil weighed on the sector, as security fears after last week’s Paris attacks gave way to concern about global oversupply in crude and petroleum products.

Enbridge Inc advanced 1.0 percent to C$49.92 following news that it is cutting 5 percent of its workforce in response to low crude prices.

The materials group fell 1.1 percent, including weakness in gold stocks.

Goldcorp Inc fell 3.2 percent to C$15.51 and Barrick Gold Corp fell 2.9 percent to C$9.88.

Valeant Pharmaceuticals International Inc fell 1.2 percent to C$96.65 after Morgan Stanley cut its earnings estimates and price target for the stock.

Strong results from Wal-Mart Stores Inc and Home Depot Inc gave U.S. retail stocks a boost.

U.S. crude prices were down 1.6 percent at $41.09 a barrel, while Brent crude lost 1.4 percent to $43.95.

Gold futures fell 0.7 percent to $1,075.8 an ounce.

Copper prices were unchanged at $4,690 a tonne. (Reporting by Fergal Smith; Editing by Jonathan Oatis)

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