CANADA STOCKS-TSX rises as bank gains offset energy losses

Tue Feb 7, 2017 10:52am EST
 
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(Adds details, updates prices)

* TSX up 45.69 points, or 0.3 percent, at 15,502.63

* Seven of TSX's 10 main groups move higher

TORONTO, Feb 7 (Reuters) - Canada's main stock index rose on Tuesday, with gains among heavyweight financial stocks on talk of a U.S. interest rate hike in March offsetting losses for shares of energy companies as oil prices fell.

At 10:33 a.m. ET (1533 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 45.69 points, or 0.3 percent, at 15,502.63. Seven of its 10 groups rose, although advancers only outnumbered decliners by 1.3-to-1 overall.

The modest tick higher came as two main U.S. indices hit fresh record highs.

Philadelphia Federal Reserve Bank President Patrick Harker said on Monday he was open to raising interest rates at the U.S. central bank's March policy meeting if growth in jobs and wages continued.

The most influential movers on the Canadian index included the country's biggest bank, Royal Bank of Canada, which rose 0.6 percent to C$95.28, and insurer Manulife Financial Corp , which advanced 1.1 percent to C$24.92. The financials group gained 0.5 percent overall.

Meanwhile the energy group slipped 0.3 percent as growing evidence of a U.S. shale production revival weighed on oil prices. Tourmaline Oil Corp fell 1.8 percent to C$29.48 and Enerplus Corp lost 2.7 percent to C$11.36.   Continued...