CANADA STOCKS-TSX hits 5-month high; banks, industrials lead gains

Wed Apr 13, 2016 5:29pm EDT
 
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(Adds portfolio manager comment, oil prices; updates prices to close)

* TSX ends up 89.93 points, or 0.66 percent, at 13,671.35

* Six of the TSX's 10 main groups close higher

By Alastair Sharp

TORONTO, April 13 (Reuters) - Canada's main stock index on Wednesday notched its highest close since November as financial and industrial shares rallied on surprisingly upbeat China trade data and unexpectedly strong earnings from U.S. bank JPMorgan.

"It's not the apocalypse, it's not doom and gloom," said Barry Schwartz, a portfolio manager at Baskin Financial Services. "And if it's not doom and gloom you can come out of the bunker and the first thing you do is take a sigh of relief and then you want to make money."

The Toronto Stock Exchange's S&P/TSX composite index ended up 89.93 points, or 0.66 percent, at 13,671.35. It last closed above that level on Nov. 3.

The most influential movers in the index included Royal Bank of Canada, which rose 1.4 percent to C$76.77, and Bank of Nova Scotia, which advanced 1.8 percent to C$63.65.

Schwartz said Canadian bank stocks could rise further, given that the sector's valuation has fallen sharply even though earnings rose about 6 percent last year.   Continued...