CANADA STOCKS-TSX rises as financials recover, but energy and mining stocks drag

Wed Feb 10, 2016 10:47am EST
 
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(Updates prices; adds details on Fed, sector moves, CPPIB)

* TSX up 45.01 points, or 0.37 percent, at 12,327.66

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

TORONTO, Feb 10 (Reuters) - Canada's main stock index rose on Wednesday as financial stocks clawed back some losses from the start of the week, offsetting energy and mining stocks that slid as crude oil prices fell.

The most influential movers on the index included Royal Bank of Canada, which rose 1.5 percent to C$68.62, and Toronto-Dominion Bank, which advanced 0.9 percent to C$50.74. The overall financial services group rose 1.1 percent.

Federal Reserve Chair Janet Yellen said conditions in the United States would allow the U.S. central bank to pursue "gradual" adjustments to monetary policy. Concern that low or negative yields will hurt bank profits had weighed on global financial sector stocks this week.

Technology stocks also rallied, led by a 9.6 percent jump in shares of Open Text Corp to C$65.25.

At 10:19 a.m. EST (1519 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 45.01 points, or 0.37 percent, to 12,327.66. Seven of the index's 10 main groups were higher.

The energy group fell 1 percent as oil remained defensive after posting its third-biggest daily fall since the 2008 financial crisis the day before. U.S. crude prices were down 0.3 percent to $27.85 a barrel.   Continued...