CANADA STOCKS-Financial shares drive TSX to near seven-week high

Mon Nov 17, 2014 10:28am EST
 
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* TSX up 51.17 points, or 0.34 percent, at 14,894.27
    * Seven of 10 main index sectors advance
    * Gold miners drop 1.3 percent, follow bullion price lower

    By John Tilak
    TORONTO, Nov 17 (Reuters) - Canada's main stock index jumped
to its highest in nearly seven weeks on Monday with declines in
resource stocks offset by stronger financial shares as investors
shrugged off data showing Japan fell into a recession in the
third quarter.
    Japan's gross domestic product shrank by an annualized 1.6
percent in the July-September quarter, after diving 7.3 percent
in the second quarter following a rise in the national sales
tax. 
    The Toronto stock market's benchmark TSX index extended
gains after last week's fifth-straight weekly advance. It is up
about 9 percent since dropping to an eight-month low in October.
    "Toronto seems to be shaking off the weaker commodity
prices," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services. "It seems like money is
not leaving the market but shifting around to other sectors."
    "The resilience in the TSX is showing that there is more to
the TSX than just (resource) companies," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 51.17 points, or 0.34 percent, at 14,894.27.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.6 percent, with Toronto-Dominion Bank rising
0.7 percent to C$57.48 and Bank of Nova Scotia gaining
0.7 percent to C$69.11.
    Shares of oil and gas producers slipped as oil prices
dropped. Canadian Natural Resources Ltd lost 0.4
percent to C$40.48, and Talisman Energy Inc shed 1.3
percent to C$6.33.
    Gold-mining shares fell 1.3 percent. Barrick Gold Corp
 was down 0.7 percent at C$13.73.
    ($1=$1.13 Canadian)

 (Editing by Peter Galloway)