3 Min Read
(Adds details from early trade, updates prices)
* TSX rises 129.80 points, or 0.93 percent, to 14,031.57
* Nine of the TSX's 10 main groups gain
TORONTO, June 20 (Reuters) - Canada's main stock index rose on Monday, with financial and energy stocks leading a broad rally as investors returned to equity markets on rising expectations that Britain will vote to remain in the European Union later this week.
In early trade North American indices lagged the sharp gains of Europe's markets, which had been stung by worries that a British exit, or Brexit, would prove economically calamitous.
At 10:20 a.m. EDT (1420 GMT), the Toronto Stock Exchange S&P/TSX composite index rose 129.80 points, or 0.93 percent, to 14,031.57. Nine of its 10 main groups gained.
The most influential movers on the index included its biggest bank by market capitalization, Royal Bank of Canada , which rose 1.4 percent to C$78.69, and pipeline company Enbridge Inc, which added 1.8 percent to C$53.62.
The financials group gained 1.2 percent and the energy group climbed 1.8 percent. Combined, the two groups account for 56 percent of the index's overall weight.
RBC plans further expansion in the United States following its $5 billion acquisition of Los Angeles-based City National in November, its chief executive said on Friday.
Gold miners were among the biggest drags, as the precious metal fell with other perceived safe-haven assets after polls suggesting Britain's "Remain" campaign had regained some momentum ahead of Thursday's referendum.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.4 percent.
Kinross Gold Corp shed 4.8 percent to C$6.12. The miner suspended activity at its Tasiast mine in Mauritania after the West African country ordered expatriates whose work permits were invalid to stop working, a company source said.
OpenText Corp rose 1.9 percent to C$76.65 after the business software maker said it would buy HP Inc's customer management software business for $315 million.
The value of Canadian wholesale trade rose far less than expected in April as activity increased in just three sectors, including the food and beverage industry, data from Statistics Canada showed on Monday.
Commodities excluding gold were broadly supportive for the Canadian market, with U.S. crude prices up 1.7 percent to $48.79 a barrel and Brent adding 1.7 percent to $50.01.
Copper prices advanced 1.4 percent to $4,617 a tonne, and gold futures fell 0.8 percent to $1,282 an ounce.
Advancers outnumbered decliners by more than 5-to-1. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli)