CANADA STOCKS-Financial shares drive TSX to near seven-week high
* TSX up 51.17 points, or 0.34 percent, at 14,894.27 * Seven of 10 main index sectors advance * Gold miners drop 1.3 percent, follow bullion price lower By John Tilak TORONTO, Nov 17 (Reuters) - Canada's main stock index jumped to its highest in nearly seven weeks on Monday with declines in resource stocks offset by stronger financial shares as investors shrugged off data showing Japan fell into a recession in the third quarter. Japan's gross domestic product shrank by an annualized 1.6 percent in the July-September quarter, after diving 7.3 percent in the second quarter following a rise in the national sales tax. The Toronto stock market's benchmark TSX index extended gains after last week's fifth-straight weekly advance. It is up about 9 percent since dropping to an eight-month low in October. "Toronto seems to be shaking off the weaker commodity prices," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services. "It seems like money is not leaving the market but shifting around to other sectors." "The resilience in the TSX is showing that there is more to the TSX than just (resource) companies," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 51.17 points, or 0.34 percent, at 14,894.27. Seven of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, climbed 0.6 percent, with Toronto-Dominion Bank rising 0.7 percent to C$57.48 and Bank of Nova Scotia gaining 0.7 percent to C$69.11. Shares of oil and gas producers slipped as oil prices dropped. Canadian Natural Resources Ltd lost 0.4 percent to C$40.48, and Talisman Energy Inc shed 1.3 percent to C$6.33. Gold-mining shares fell 1.3 percent. Barrick Gold Corp was down 0.7 percent at C$13.73. ($1=$1.13 Canadian) (Editing by Peter Galloway)
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