CANADA STOCKS-TSX rises in sluggish trade as banks gain
* TSX up 21.87 points, or 0.15 percent, at 14,729.97 * Nine of the10 main index sectors advance * RBC, TD are the biggest heavyweight gainers By John Tilak TORONTO, May 26 (Reuters) - Canada's main stock index climbed on gains in financial shares on Monday, but volumes were weak with the U.S. market closed for the Memorial Day holiday. The 33 million shares that had changed hands at midmorning compared with an average daily volume of about 301 million shares in April, according to Thomson Reuters data and figures from market operator TMX Group. "It's a very quiet day. There's not a lot of volume. You're not getting much impetus," said Irwin Michael, portfolio manager at ABC Funds. "The worldwide economic situation is on track but at a slow and measured pace," he added. The Toronto Stock Exchange's S&P/TSX composite index was up 21.87 points, or 0.15 percent, at 14,729.97. It has climbed more than 8 percent this year and has outperformed the S&P 500 so far in 2014. "The Toronto stock market will be a surprise winner this year," Michael said. "We think it will outdo the U.S. market and commodity prices will do better." Investors were digesting news of strong election performances by pro-European forces in Italy and Germany, while nationalist, Euroskeptic parties triumphed in France and Britain. Nine of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, added 0.3 percent. Toronto-Dominion Bank advanced 0.6 percent to C$53.71, and Royal Bank of Canada gained 0.4 percent to C$75.61. The two stocks had the biggest positive influence on the market. The materials sector, which includes mining stocks, edged up. Teck Resources Ltd climbed 1.3 percent to C$25.69, and Barrick Gold Corp rose 0.5 percent to C$18.04. In corporate news, a Sun Life Financial executive said the company is boosting investment in Indonesia and Malaysia at a time when growth in earnings from some core Asian markets has slowed. The stock added 0.2 percent to C$36.85. ($1=$1.09 Canadian) (Editing by Peter Galloway)
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