CANADA STOCKS-TSX up almost 1 pct as Scotiabank shines, energy shares rise

Tue Mar 1, 2016 4:53pm EST
 
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(Adds advisor comment, updates prices to close)

* TSX ends up 121.75 points, or 0.95 percent, to 12,982.10

* Nine of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, March 1 (Reuters) - Canada's benchmark 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 jumped 5.8 percent to C$57.93 as the last of Canada's main banks to report quarterly earnings notched a 5 percent increase in net income and raised its dividend.

Royal Bank of Canada added 1.6 percent to C$70.14, while Toronto-Dominion Bank was up 1.7 percent at C$53.34. The overall financials group gained 2.2 percent.

"Everyone was predicting doom and gloom for the banks and look at them, four of the five raised dividends," said Allan Small, a senior investment advisor at HollisWealth.

"Yes, their loan loss provision are higher, but you've got to expect that," he said, noting that he added to positions in financials amid recent stock price weakness.   Continued...