CANADA STOCKS-TSX rises broadly as Goldman fuels rally
* TSX rises 0.95 pct to 9,986.15 for second day of gains
* Financials lead TSX after strong Goldman Sachs results (Adds details, quote, updates numbers)
By John McCrank
TORONTO, July 14 (Reuters) - Toronto's main stock index finished higher for a second straight session on Tuesday in a broad rally led by financials, which were encouraged by strong results at Goldman Sachs (GS.N: Quote) in the United States.
The S&P/TSX composite index .GSPTSE closed up 94.22 points, or 0.95 percent, at 9,986.15. Nine of the index's 10 main groups were higher.
The financials sector, which accounts for about a third of the index, ended up 2.01 percent, and the top six advancers on the TSX were from the financial group, led by Royal Bank of Canada (RY.TO: Quote), up 2.9 percent at C$47.86.
Toronto-Dominion Bank (TD.TO: Quote) followed, up 1.7 percent at C$58.96. Bank of Nova Scotia also rose 1.7 percent, to C$42.14.
"What's helped (the market) for the past couple of days has been good earnings and good economic news," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
Quarterly earnings at Goldman Sachs surged 33 percent on strong trading results, handily beating market expectations. The U.S. banking industry was near collapse just nine months ago. [ID:nN14289399]
Johnson & Johnson's (JNJ.N: Quote) quarterly results also beat analysts' forecasts, pointing to resilient pharmaceutical and consumer product sales in the United States. [ID:nN14253944]
"They're sort of two extremes here, I mean Goldman Sachs is very much of a risk animal, and Johnson & Johnson tends to attract risk-averse investors, and both companies beat expectations," said Nakamoto. "It's good that it's not just one sector doing well."
Alimentation Couche-Tard (ATDb.TO: Quote), North America's second-biggest convenience store retailer and operator of a string of gas bars, rose 4.3 percent to C$14.92, after it reported a stronger quarterly profit. [ID:nN14255046]
In the index's materials group, Barrick Gold (ABX.TO: Quote) climbed 1.3 percent to C$37.38, and Kinross Gold (K.TO: Quote) rose 1.1 percent to C$21.17, as the price of gold edged higher on U.S. inflation worries. [ID:nLE288914] The group as a whole was up 0.66 percent.
Fertilizer producer Potash Corp (POT.TO: Quote) was one of the biggest drags on the index, limiting gains in the materials group.
Potash Corp fell 2.5 percent to C$95.52, extending a slide that started on Monday after the head of India's IFFCO, a farmer fertilizer cooperative, said that three international companies had agreed to supply Indian buyers with potash well below current spot market prices. [ID:nBNG121776]
($1=$1.13 Canadian) (Reporting by John McCrank; editing by Peter Galloway)
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