CANADA STOCKS-TSX sets record high, led by financials as bond yields rise

Wed Feb 15, 2017 11:26am EST
 
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(Adds details throughout on stocks and sectors and updates prices)

* TSX up 39.5 points, or 0.25 percent, at 15,825.53

* Index posts new all-time high

* Eight of the TSX's 10 main groups rise

TORONTO, Feb 15 (Reuters) - Canada's main stock index rose for the seventh straight day on Wednesday to set a fresh record high, led by gains for its financial services group after strong economic data from both Canada and the United States.

Data showed Canada's manufacturing sales jumped for the second month in a row in December and that U.S. inflation and retail sales climbed in January, helping to push bond yields higher.

Higher bond yields, which reduce the value of insurance companies' liabilities and increase banks' net interest margins, have helped underpin financials since the U.S. presidential election on Nov. 8, with the sector up more than 14 percent in that time.

Toronto-Dominion Bank rose 0.9 percent to C$69.18, while the overall financials group climbed 0.7 percent.

At 11:10 a.m. EST (1610 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 39.5 points, or 0.25 percent, to 15,825.53, a new record high.   Continued...