CANADA STOCKS-TSX rises as banks jump after French election relief

Mon Apr 24, 2017 10:44am EDT
 
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(Adds details on specific stocks, updates prices)

* TSX up 78.69 points, or 0.5 percent, at 15,693.17

* Nine of the TSX's 10 main groups move higher

TORONTO, April 24 (Reuters) - Canada's main stock index rose on Monday morning, boosted by solid gains for banking stocks as investors cheered domestic data and French election results that limited the risk of another core member leaving the European Union.

The financials group gained 1.4 percent after data showed domestic wholesale trade fell less than expected and the market's favored candidate won the first round of the French election, reducing the risk of another Brexit-like shock.

Royal Bank of Canada rose 1.3 percent to C$95.81, Toronto-Dominion Bank advanced 1.3 percent to C$66.48 and Bank of Nova Scotia added 1.7 percent to C$78.15.

Insurer Manulife Financial Corp rose 3 percent to C$23.84 as U.S. and Canadian bond yields rose.

Home Capital Group Inc shares fell 2.8 percent to C$18.72 after the country's biggest non-bank lender said founder and former Chief Executive Officer Gerald Soloway would step down from its board, days after regulators accused the company of making "materially misleading statements" to investors.

Home Capital's shares had fallen 20.7 percent on Thursday but gained 8.7 percent on Friday.   Continued...