CANADA STOCKS-TSX climbs as China data drives gains
* TSX rises 69.11 points, or 0.48 percent, to 14,373.03 * All of 10 main index sectors advance * Metro jumps after posting results By John Tilak TORONTO, April 16 (Reuters) - Canada's main stock index advanced on Wednesday after bullish economic data from China boosted investor sentiment and helped drive gains in every major sector. It was a mixed picture in the United States, where industrial production rose at a faster-than-expected clip in March but housing starts climbed less than expected and building permits fell. Data showed a 7.4 percent expansion in the Chinese economy in the first quarter. While the growth was at its slowest pace in 18 months, the fact that it managed to top market expectations was enough to cheer investors. The Toronto market climbed for a third straight session and is up about 5.5 percent this year. "China has enough policy wiggle room and monetary buffer room to make adjustments for continued economic expansion," said Stan Wong, director of wealth management and portfolio manager at Scotia McLeod. "I don't think we see a hard landing there." "Equity markets appear to be getting a bit fatigued as investors contend with higher stock valuations and upcoming seasonality," he added. "Despite the potential bumps ahead, the cyclical trend for stocks continues to be upward." The Toronto Stock Exchange's S&P/TSX composite index was up 69.11 points, or 0.48 percent, at 14,373.03. "The TSX does offer value in the financial space. The banks and insurers will continue to do well," said Wong, who is in general more positive about U.S. stocks and has started to shift some assets to Europe. All of the 10 main sectors on the index were higher on Wednesday. Financials, the index's most heavily weighted sector, rose 0.3 percent. Toronto Dominion Bank climbed 0.5 percent to C$51.47, and Bank of Nova Scotia advanced 0.4 percent to C$64.90. Shares of energy producers were up 0.9 percent. Suncor Energy Inc added 0.9 percent to C$39.74, and Canadian Natural Resources Ltd gained 0.8 percent to C$44.12. In corporate news, Metro Inc shares jumped 2.5 percent, to C$65.82, after the grocer reported a higher-than-expected quarterly profit and raised its dividend. (Editing by Meredith Mazzilli)
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