CANADA STOCKS-TSX nears record high as Trump smoothes path for Keystone XL

Tue Jan 24, 2017 5:30pm EST
 
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(Adds portfolio manager quotes and details on Keystone XL and updates prices)

* TSX closes up 130.56 points, or 0.84 percent, at 15,610.69

* Index posts its highest close since September 2014

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

By Fergal Smith

TORONTO, Jan 24 (Reuters) - Canada's main stock index moved within reach of its all-time high on Tuesday as base metal and oil prices rose and U.S. President Donald Trump smoothed the path for TransCanada Corp's Keystone XL pipeline.

TransCanada jumped 2.7 percent to C$64.24 after Trump signed two executive orders to move forward with construction of the controversial Keystone XL and Dakota Access oil pipelines, rolling back key Obama administration environmental actions in favor of expanding energy infrastructure.

"Having access to different entry points into the U.S. is good and positive (for the energy sector). It reinforces the economic and energy integration between Canada and the United States," said Michael Simpson, senior portfolio manager at Sentry Select Capital Corp.

The energy group, which had hit a nearly two-month low on Monday amid investor worries about a U.S. border adjustment tax, rallied 2.3 percent.   Continued...