CANADA STOCKS-TSX rises to 1-week high as banks rally on BMO's earnings

Tue Aug 23, 2016 5:37pm EDT
 
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(Adds analyst quote and details on gold, telecom and utilities stocks, updates prices)

* TSX closes up 16.58 points, or 0.11 percent, at 14,764.77

* Four of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, Aug 23 (Reuters) - Canada's main stock index edged up to a one-week high on Tuesday as better-than-expected earnings for Bank of Montreal supported bank stocks, offsetting losses for the materials group.

Bank of Montreal rose 2.2 percent to C$86.27. Canada's fourth largest bank reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses.

BMO's earnings made the market optimistic about the earnings of other banks that are due to report, said Paul Hand, managing director at RBC Capital Markets.

Gains for bank stocks helped drive the financials group 0.8 percent higher, while the energy group firmed 0.1 percent as oil rallied.

U.S. crude oil futures settled up 69 cents at $48.10 a barrel after Reuters reported that Iran was sending positive signals that it may support joint OPEC action to prop up the market.   Continued...