CANADA STOCKS-TSX climbs with bank rally, miners
* TSX rises 40.35 points, or 0.33 percent, to 12,086.63 * Financials, materials, energy gain * Seven of 10 main sectors advance By John Tilak TORONTO, Nov 21 (Reuters) - Canada's main stock index rose on Wednesday, led by financial stocks in a buildup to bank earnings, even as investors pulled back on trading a day ahead of the U.S. Thanksgiving holiday. The financial sector, the biggest on the index, advanced for a fourth straight session, rising 0.7 percent on expectations of strong fourth-quarter earnings. Bank results will be released over the next two weeks, with Royal Bank of Canada the first to report, on Nov. 29. Analysts expect a year-over-year profit gain of more than 10 percent for the group, driven by stronger capital markets-related results. "The view is that you're going to have a pretty reasonable quarter, and that is being reflected in the price movement we've seen in the past several days," said Bob Gorman, chief portfolio strategist at TD Waterhouse. Bank of Nova Scotia rose 0.8 percent to C$54.19, and ranked just behind Suncor Energy in leading the market higher. Toronto Dominion Bank gained 0.6 percent to C$80.67, Bank of Montreal gained 0.9 percent to C$59.01, and RBC added 0.3 percent to $57.59. Suncor Energy rose 1 percent at C$33.26. Energy shares were up 0.18 percent, with oil prices edging higher. Brent crude oil rose $1 per barrel after an explosion in Tel Aviv revived concerns that any broader regional conflict could disrupt oil flows. The materials sector, which includes mining stocks, rose 0.5 percent, tracking a rise in U.S. gold futures. "With economies like China showing signs they'll avoid a hard landing, you have a little more positive sentiment creeping in at this stage of the game," Gorman said. Barrick Gold Corp, up 0.9 percent to C$34.59, Yamana Gold Inc, up 2.24 percent at C$19.13, and Goldcorp Inc, up 0.8 percent to C$40.96, were among the most influential advancers. Volume was at 190 million shares traded in Toronto, compared with the daily average of 281.9 million traded in October. "The trading week is basically over. You won't see a whole lot of movement here for the rest of the week," said Levente Mady, senior portfolio manager at PI Financial Corp. By 2:53 p.m. (1953 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 40.35 points, or 0.33 percent, at 12,086.63. Seven of the 10 main sectors were positive. The index had opened lower after news that Greece's international lenders failed to strike a deal to release emergency aid, but politicians tried to give reassurance that a deal was close.
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