CANADA STOCKS-Gains in Telus, banks boost TSX, offseting weak data
* TSX rises 55.04 points, or 0.44 percent, to 12,528.69 * All 10 major sectors advance * Wireless company Telus rises after plan to buy Mobilicity By John Tilak TORONTO, May 16 (Reuters) - Canada's main stock index rose on gains in financial stocks and a proposed C$380 million ($370 million) acquisition by wireless carrier Telus Corp, which outweighed weak economic data. Telus said it will acquire Mobilicity, a recent entrant to the industry that helped force prices down but failed to draw many customers. Data showed U.S. jobless claims rose sharply last week and ground-breaking at home construction sites tumbled in April. In Europe, falling prices in Germany and France pulled euro zone consumer inflation to a three-year low in April, while imports fell 10 percent in March. "The mood is caution," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "The strength is coming in areas where people are looking for income and dividends." He said sectors like utilities, telecoms, and financials were drawing the greatest interest from investors. The Toronto Stock Exchange's S&P/TSX composite index was up 55.04 points, or 0.44 percent, at 12,528.69. All of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, added 0.7 percent. Royal Bank of Canada advanced almost 1 percent and played the biggest role of any single stock in leading the market higher. The materials sector, which includes mining stocks, rose 0.6 percent. Shares of gold producers were up nearly 1 percent after bullion pared much of its early losses. Energy shares climbed 0.7 percent. Telus shares gained 1.1 percent. They are up about 5 percent since completing a two-for-one stock split on April 17.
© Thomson Reuters 2017 All rights reserved.