CANADA STOCKS-TSX rises, led by banks as U.S. earnings season kicks off

Fri Jan 13, 2017 10:39am EST
 
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(Adds details throughout on stocks and sectors, updates prices)

* TSX up 55.49 points, or 0.36 percent, at 15,473.65

* Eight of the TSX's 10 main groups rise

TORONTO, Jan 13 (Reuters) - Canada's main stock index rose on Friday, led by the country's heavyweight banks as U.S. fourth-quarter earnings season kicked off and bond yields rose.

Some of the most influential movers on the index were banks, with Toronto-Dominion Bank rising 0.7 percent to C$67.56 and Royal Bank of Canada climbing 0.8 percent to C$94.51.

Gains for Canadian bank stocks came as some major U.S. banks reported quarterly profits that beat expectations and bond yields rose after data showed U.S. retail sales rose solidly in December.

Higher bond yields increase net interest margins of banks and reduce the value of insurance companies' liabilities.

Manulife Financial Corp rose 1.6 percent to C$24.81, while the overall financials group gained 0.7 percent.

At 10:32 a.m. ET (1532 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 55.49 points, or 0.36 percent, to 15,473.65.   Continued...