CANADA STOCKS-TSX gains on boost to banks, Magna deal cheered
(Adds portfolio manager comment, updates after open)
* TSX up 44.91 points, or 0.31 percent, at 14,707.19
* Seven of 10 main sectors gain
By Alastair Sharp
TORONTO, July 16 (Reuters) - Canada's main stock index gained on Thursday, with banking stocks leading the way a day after the central bank cut rates, while auto parts maker Magna International Inc rose after it said it would buy a German peer.
The most influential boosts included Royal Bank of Canada , which rose 1.2 percent to C$78.19, and Toronto-Dominion Bank, which advanced 1 percent to C$53.24.
The overall financials group climbed 0.9 percent, with its components filling six of the top eight spots.
"Lower rates encourage people to invest, encourage businesses to make acquisitions, take on debt, expand their operations," said Barry Schwartz, a portfolio manager at Baskin Financial Services.
"The banks will benefit from more M&A, more stock listings, more bond and preferred share offerings, wealth management and ancillary services and loan demand," he said. Continued...