CORRECTED-CANADA STOCKS-TSX nears record as oil rallies, U.S. tax cut hopes revive

Thu Feb 9, 2017 4:42pm EST
 
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(Corrects in 10th paragraph that Royal Bank of Canada closed at C$96.17, not C$96.25)

* TSX ends up 63.26 points, or 0.41 percent, at 15,617.30

* Index posts its highest close since Jan. 25

* Seven of TSX's 10 main groups end higher

By Fergal Smith

TORONTO, Feb 9 (Reuters) - Canada's main stock index rose on Thursday to its highest close in two weeks, nearing an all-time peak, as higher oil prices and the prospect of U.S. tax cuts helped trigger gains for heavyweight energy and financial shares.

U.S. President Donald Trump said he would be releasing a "phenomenal" tax plan in the next few weeks, reviving bets for pro-growth policies from the new administration.

"If he cuts corporate taxes ... it would obviously be very positive for a lot of companies south of the border and hopefully fuel growth," said Manash Goswami, portfolio manager at First Asset Investment Management Inc.

"We continue to put capital to work, we continue to favor cyclical sectors over more defensive sectors."   Continued...