CANADA STOCKS-TSX gains after Canada's budget holds off from tax hikes

Thu Mar 23, 2017 4:58pm EDT
 
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(Adds portfolio manager quote, details on Keystone XL and updates prices)

* TSX ends up 85.15 points, or 0.55 percent, at 15,433.61

* Nine of the TSX's 10 main groups end higher

By Fergal Smith

TORONTO, March 23 (Reuters) - Canada's main stock index closed higher on Thursday, led by heavyweight financial sector shares a day after the federal budget held off from raising taxes on investors.

The Toronto Stock Exchange's S&P/TSX composite index rose 85.15 points, or 0.55 percent, to 15,433.61. On Wednesday, it touched a three-month low intraday at 15,241.55.

"It's a rebound rally from the concerns that I think a lot of people had that the capital gains tax was going to get increased and taxes on dividends were going to get increased," said Rick Hutcheon, president and chief operating officer at RKH Investments.

Canada's Liberal government unveiled a stay-the-course budget after the stock market closed on Wednesday.

Businesses had feared higher capital gains taxes would harm their competitiveness just as U.S. rivals benefit from a break in taxes and regulation under U.S. President Donald Trump.   Continued...