CANADA STOCKS-TSX gains as Open Text jumps on deal, caution on Fed talks

Mon Sep 12, 2016 4:46pm EDT
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(Adds strategist comment, updates prices)

* TSX ends up 57.06 points, or 0.39 percent, at 14,597.06

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

By Alastair Sharp

TORONTO, Sept 12 (Reuters) - Canada's main stock index rose on Monday, boosted by a surge in shares of Open Text Corp after the software company acquired a rival's assets, and by reduced bets on a Federal Reserve interest rate hike happening soon.

The gain echoed even sharper jumps in U.S. indexes after Fed Governor Lael Brainard, one of six permanent voters on the U.S. central bank's rate-setting committee, said the Fed should avoid removing support for the economy too quickly.

The Toronto Stock Exchange's S&P/TSX composite index ended up 57.06 points, or 0.39 percent, at 14,597.06.

The three main U.S. stock indexes rose between 1.3 and 1.7 percent as the comments solidified the view the Fed would leave interest rates unchanged at a policy meeting next week.

Open Text jumped 9 percent to C$85.01 after agreeing to buy Dell-EMC's enterprise content division for $1.62 billion.   Continued...