CANADA STOCKS-TSX rises as financial stocks extend recovery

Tue Feb 16, 2016 4:59pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager comments, details on ECB, Brookfield Asset Management; updates prices)

* TSX ends up 173.74 points, or 1.4 percent, at 12,554.98

* Nine of TSX's 10 main groups rise

By Fergal Smith

TORONTO, Feb 16 (Reuters) - Canada's main stock index rose on Tuesday to a one-week high as financials gained for a second straight session, while dashed hopes of an oil supply cut restrained gains for energy stocks and gold miners dragged.

The index extended a recovery from a three-week low on Thursday as concern about global financial stocks lessened. Canada's stock market was closed on Monday for a public holiday.

Financials have taken confidence from comments by European Central Bank President Mario Draghi, while there is a sense that oil prices may be stabilizing, said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates.

"This is still very much a momentum market worldwide," he said.

Draghi said on Monday that the ECB is ready to ease policy further in March.   Continued...