CANADA STOCKS-TSX rises, led by financials and materials

Thu Nov 3, 2016 11:16am EDT
 
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* TSX up 49.06 points, or 0.34 percent, at 14,643.78

* Seven of the index's 10 main groups rise

TORONTO Nov 3 (Reuters) - Canada's main stock index rose on Thursday led by financials as global risk aversion eased, while the materials and consumer discretionary sectors also climbed as investors weighed a batch of corporate earnings reports.

At 10:55 a.m. EDT (1455 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 49.06 points, or 0.34 percent, to 14,643.78.

On Wednesday, the index recorded its sharpest one-day loss since mid-September and posted its lowest close in nearly three weeks.

The heavily weighted financials group advanced 0.5 percent, led by a 1.5 percent advance in shares of Manulife Financial Corp to C$19.26.

Gains for financials came as a UK court ruled that parliament must approve a government decision to trigger Brexit, lifting European stocks and bond yields and easing tension in markets rattled by U.S election nerves.

Encana Corp jumped 5.6 percent to C$13.19. The oil and natural gas producer posted a quarterly profit on an operating basis as a steep fall in costs helped offset the impact of weak commodity prices.

In contrast, Enbridge Inc fell 2.32 percent to C$54.66. Canada's largest pipeline company reported a quarterly profit that missed estimates as warmer-than-expected weather weighed on its unit that distributes natural gas for heating purposes.   Continued...