CANADA STOCKS-TSX broadly rises, led by banks and telecoms

Tue Jan 19, 2016 10:39am EST
 
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* TSX up 120.85 points, or 1.01 percent, at 12,063.02

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

TORONTO Jan 19 (Reuters) - Canada's main stock index rose more than 1 percent in morning trade on Tuesday, led by financial shares and helped by telecoms and some consumer stocks.

The move echoed a similar gain for U.S. indices, which were closed for a holiday Monday when Toronto fell 1.1 percent.

Shares in Europe and Asia also rose as data showing China's economy grew last year at its slowest pace in a quarter of a century led investors to anticipate more efforts by Beijing to spur growth.

At 10:09 a.m. EST (1509 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 120.85 points, or 1.01 percent, at 12,063.02. It is just off its lowest levels since June 2013.

Oil prices were pressured by an Iranian order to sharply increase output, although data pointing to record Chinese oil demand in 2015 boosted sentiment.

The energy group climbed 1.3 percent.

Banks and other financial stocks were influential, with Royal Bank of Canada up 1.1 percent to C$67.57 and Manulife Financial Corp adding 1.1 percent to C$18.06.   Continued...