CANADA STOCKS-TSX rises as Fed boosts miners, banks; energy weighs

Wed Dec 16, 2015 4:52pm EST
 
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(Adds portfolio manager comment, updates prices, details)

* TSX ends up 246.43 points, or 1.91 percent, at 13,166.00

* Nine of the TSX's 10 main groups rise; energy falls

By Alastair Sharp

TORONTO, Dec 16 (Reuters) - Canada's main stock index jumped for a second day on Wednesday, with banks climbing after the U.S. Federal Reserve hiked interest rates and mining stocks were boosted as gold held on to gains given the Fed pointed to a slow pace of further hikes.

The energy group weighed, however, as a sharp jump in U.S. inventories and the Fed hike's implications for a stronger U.S. currency weighed on crude prices.

The materials group - which includes gold and base metal miners, fertilizer stocks and others - climbed 3.9 percent while financials added 1.5 percent.

Valeant Pharmaceuticals International Inc added to its surge on Tuesday, jumping another 9.2 percent to C$163.57 after projecting 30 percent profit growth in 2016.

The Toronto Stock Exchange's S&P/TSX composite index settled up 246.43 points, or 1.91 percent, at 13,166.00, with nine of the index's 10 main groups in positive territory.   Continued...