March 1, 2016 / 4:42 PM / 2 years ago

CANADA STOCKS-TSX rises, led by Scotiabank after posting higher profit

* TSX up 100.97 points, or 0.79 percent, to 12,961.32

* Eight of the TSX’s 10 main groups were higher

TORONTO, March 1 (Reuters) - Canada’s main stock index rose on Tuesday, led by financial shares after the country’s third largest bank reported a rise in quarterly profit, while domestic data revealed the economy grew more than expected in the fourth quarter.

Bank of Nova Scotia rose 4.4 percent to C$57.18 after it reported a 5 percent increase in first-quarter net income, helped by growth in its international banking business.

Royal Bank of Canada added 1.8 percent to C$70.33, while Toronto-Dominion Bank was up 1.5 percent at C$53.22. The overall financials group gained 1.8 percent.

The energy sector advanced 0.7 percent as oil prices rose to a two-month high. It included a 1.1 percent increase for Suncor Energy Inc to C$33.43.

TransCanada Corp inched up 0.7 percent to C$50.02 after Quebec said it was seeking an injunction to compel the company’s proposed Energy East oil pipeline to be reviewed under the province’s environmental laws.

Maple Leaf Foods Inc jumped more than 8 percent to C$24.65 after the Canadian pork processor posted a better-than-expected fourth-quarter profit as margins in its prepared meats business improved.

At 11:15 a.m. EST (1615 GMT), the Toronto Stock Exchange’s S&P/TSX composite index increased 100.97 points, or 0.79 percent, to 12,961.32. Eight of the index’s 10 main groups were higher.

The Canadian economy slowed substantially in the final quarter of last year, but the 0.8 percent annualized increase in gross domestic product topped both economists’ and policymakers’ expectations for zero growth.

Valeant Pharmaceuticals International Inc was the biggest drag on the index for a second consecutive day. It said on Monday it is under investigation by the U.S. Securities and Exchange Commission.

The company’s shares fell 10.8 percent to C$84.25, having hit its lowest since May 2013 at C$83.

Gold stocks also fell, including a 4.8 percent drop in Barrick Gold Corp to C$17.89.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.6 percent. (Reporting by Fergal Smith; Editing by Jeffrey Benkoe)

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