CANADA STOCKS-TSX closes at one-week high as railways, miners gain

Wed Nov 18, 2015 5:05pm EST
 
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(Adds strategist comment, updates prices to close)

* TSX ends up 119.58 points, or 0.90 percent, at 13,399.97

* Nine of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, Nov 18 (Reuters) - Canada's main stock index rose to its highest close in more than a week on Wednesday led by railways, after Canadian Pacific disclosed a takeover bid, and helped by pipeline companies and a bounce back for gold miners.

The index extended earlier gains after the release of minutes from the last U.S. Federal Reserve policy meeting bolstered bets on a December interest rate hike.

The most influential gainer on the index was Canadian Pacific Railway Ltd, which rose 5.6 percent to C$194.94 after the company made public a proposal to buy Norfolk Southern that it said could help it save $1.8 billion.

Its rival, Canadian National Railway Co, advanced 2.3 percent to C$78.72.

The overall industrials group gained 2 percent, while the materials group rose 2.6 percent as gold miners rebounded despite only minor gains for bullion.   Continued...