CANADA STOCKS-Financials, commodities lead TSX higher
* TSX closes up 52.77 at 12,149.86
* Boosted by bank capital rules, Chinese data (Updates to close)
By Claire Sibonney
TORONTO, Sept 13 (Reuters) - Toronto's main stock index finished higher on Monday, as the financial sector was boosted by an agreement on new global rules for bank capital reserves and resources got a lift from robust Chinese economic data.
Aiming to prevent a repeat of the international credit crisis, regulators agreed over the weekend on new global bank capital rules that, while tighter than before, were not as harsh as some had feared. [ID:nLDE68C1OV]
Canadian banks responded by saying they expect to be able to adopt the Basel III rules for maintaining reserve capital with little trouble, meaning dividend hikes and share buybacks could be on the way once Canada's banking regulator gives the go-ahead. [ID:nN13189759]
"Clarity on capital requirements is a big sigh of relief," said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.
"Canadian banks are already well capitalized and now have some clarity and a green light to implement their dividend plans." Continued...