CANADA STOCKS-TSX posts nearly 2-week high on French election relief

Mon Apr 24, 2017 5:11pm EDT
 
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(Adds portfolio manager quotes and details on industrials and consumer discretionary sectors, updates prices)

* TSX closes up 97.98 points, or 0.63 percent, at 15,712.46

* Index posts its highest close since April 11

* Seven of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, April 24 (Reuters) - Canada's main stock index rose on Monday to a nearly two-week high, boosted by solid gains for financials as investors cheered French election results that limited the risk of another core member leaving the European Union.

Some of the index's economically-sensitive sectors, such as industrials, consumer discretionary and financials, benefited most as the market's favored candidate won the first round of the French election.

"We are seeing notable outperformance in the financial sector," said Candice Bangsund, vice president, global asset allocation at Fiera Capital Corporation.

"A lot of that is spillover from the rebound in European financial stocks, but also from the backup in interest rates."   Continued...