CANADA STOCKS-TSX bounces from Brexit slide, scoring largest gain in 7 weeks

Tue Jun 28, 2016 5:05pm EDT
 
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(Adds analyst quotes, updates prices)

* TSX closed up 152.9 points, or 1.12 percent, at 13,842.69

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

By Fergal Smith

TORONTO, June 28 (Reuters) - Canada's main stock index scored its largest gain in seven weeks on Tuesday, paring some of the losses inflicted in the prior two sessions after Britain's shock vote to leave the European Union as oil rallied and investors sought out bargains.

Banks and energy companies, both of which had fallen heavily after Thursday's vote, led the rebound. The financials group rose 1.4 percent, while energy stocks climbed 2.4 percent as oil rallied.

Greater confidence that Brexit-related issues will be dealt with has encouraged investors to look for bargains, said Brian Pow, vice president, research at Acumen Capital Partners.

"Equities ultimately are still in favor just given the low interest rate environment," he added.

Toronto-Dominion Bank rose 1.5 percent to C$55.32 and Royal Bank of Canada advanced 1.6 percent to C$76.38.   Continued...