CANADA STOCKS-TSX gains as banks benefit from Trump move

Fri Feb 3, 2017 6:29pm EST
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 77.28 points, or 0.50 percent, at 15,476.39

* Index falls 0.6 percent over the week

By Alastair Sharp

TORONTO, Feb 3 (Reuters) - Canada's main stock index gained on Friday as heavyweight banks got a boost from U.S. President Donald Trump's move to scale back financial regulations, while department store operator Hudson's Bay Co jumped on news it is eyeing larger U.S. retailer Macy's.

The Toronto Stock Exchange's S&P/TSX composite index settled up 77.28 points, or 0.50 percent, at 15,476.39. It fell 0.6 percent over the course of the week.

The financials group, which accounts for 35 percent of the index's weight, gained 0.8 percent as Trump ordered a review of banking regulations introduced after the 2008 financial crisis.

"Fewer regulations in U.S. banking, that's positive for Canadian banks that are operating there," said Irwin Michael, a portfolio manager at ABC Funds.

Royal Bank of Canada rose 0.9 percent to C$94.60 and Toronto-Dominion Bank gained 0.5 percent to C$67.49.   Continued...