CANADA STOCKS-TSX rises to 1-week high as bank earnings support financials

Tue Aug 23, 2016 10:35am EDT
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(Adds details on stocks and sectors, updates prices)

* TSX up 34.71 points, or 0.24 percent, to 14,782.90

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

TORONTO, Aug 23 (Reuters) - Canada's main stock index rose to a one-week high on Tuesday, led by financial shares after one of the country's major banks reported better-than-expected earnings, while lower oil prices weighed on energy stocks.

Bank of Montreal rose 2.5 percent to C$86.50. Canada's fourth largest bank reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses.

Gains for bank stocks helped drive the financials group 0.9 percent higher, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent.

Gains for the materials group were led by a 1.4 percent advance in shares of Potash Corporation of Saskatchewan Inc. to C$21.35.

Spot gold firmed 0.3 percent as markets shifted focus from hawkish comments by a Federal Reserve official at the weekend to a meeting of global central bankers this week, awaiting further guidance on U.S. interest rates.

At 10:21 a.m. EDT (1421 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 34.71 points, or 0.24 percent, to 14,782.90. It touched its highest since Aug. 15 at 14,796.56.   Continued...