CANADA STOCKS-TSX hits record high; bolstered by oil, economic prospects

Fri Feb 10, 2017 4:44pm EST
 
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* TSX up 111.82 points, or 0.72 percent, to 15,729.12

* Nine of the TSX's 10 main groups were up/down

By Solarina Ho

TORONTO, Feb 10 (Reuters) - Canada's main stock index powered to a record high on Friday propelled by higher oil prices and expectations of corporate-friendly tax cuts in the United States, while an unexpected surge in domestic job growth also suggested a brighter economic outlook.

The Toronto Stock Exchange's S&P/TSX composite index finished up 111.82, or 0.72 percent, at 15,729.12, with all but one of the index's 10 main groups ending in positive territory. The TSX rose 1.6 percent on the week.

The moves mirrored Wall Street, where markets hit fresh highs on oil prices and optimism over U.S. President Donald Trump's economic agenda.

"Donald has promised a 'phenomenal' tax plan. At this stage they're willing to bet that in fact it will be somewhat stimulative," said Paul Taylor, chief investment officer of Fundamental Equities at BMO Asset Management. "It's a pro-growth, cyclical-led rally."

The most influential movers on the index included Royal Bank of Canada, which rose 0.7 percent to C$96.84, and Teck Resources, which advanced 5.8 percent to C$32.60.

The overall financials group gained 0.5 percent, while materials, home to mining and other resources stocks, was up nearly 1.5 percent.   Continued...