CANADA STOCKS-TSX gains as banks, resource stocks, railways rise

Thu Feb 4, 2016 4:46pm EST
 
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(Adds strategist comment, details; updates prices to close)

* TSX ends up 181.48 points, or 1.44 percent, at 12,774.50

* Eight of the index's 10 main groups rise

By Alastair Sharp

TORONTO, Feb 4 (Reuters) - Canada's main stock index jumped on Thursday as higher commodity prices helped lift mining stocks, while banks and railways also saw strong gains and the energy sector rose despite a slip in oil prices.

A weaker U.S. dollar helped drive gold and other metals higher, as expectations eased of a further rise in U.S. interest rates this year and investors scrambled to close out bearish positions before the Lunar New Year holiday in China.

The materials sector of the Toronto index, which includes precious and base metals miners and fertilizer companies, added 4.6 percent, with Barrick Gold Corp up 4.3 percent to C$15.41 and Goldcorp Inc adding 5.1 percent to C$18.18.

The Toronto Stock Exchange's S&P/TSX composite index ended the session up 181.48 points, or 1.44 percent, at 12,774.50. Eight of its 10 main groups gained.

Global equity and other markets have swung wildly in the first weeks of 2016, and Canada's index has followed along, hitting its lowest since August 2012 in mid-January before rebounding some 10 percent.   Continued...