CANADA STOCKS-TSX rises as bank shares climb ahead of earnings, BlackBerry jumps

Tue May 23, 2017 5:15pm EDT
 
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(New throughout, updates prices and market activity, adds comment from portfolio manager, details on Canadian Natural Resources)

* TSX closes up 18.48 points, or 0.12 percent, at 15,476.94

* Four of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, May 23 (Reuters) - Canada's main stock index rose on Tuesday, bolstered by bank stocks ahead of the release of earnings reports and a surge in BlackBerry Ltd shares, as trading resumed a day after the Victoria Day holiday.

The heavily weighted financials group rose 0.7 percent, as investors braced for earnings reports this week from major banks.

Bank of Nova Scotia climbed 0.9 percent to C$76.17 and Toronto Dominion Bank gained 0.8 percent to C$63.57.

"The banks are up today on the expectation of a solid Q2," said Cavan Yie, portfolio manager at Manulife Asset Management.

Yie expects loan growth, credit quality and capital markets activity to be supportive of bank earnings in the second quarter but is cautious about the outlook for earnings growth due to elevated house prices and household debt.   Continued...