CANADA STOCKS-TSX hits 2016 high as resource stocks power on

Wed Mar 2, 2016 5:05pm EST
 
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(Adds strategist comment, details; updates prices to close)

* TSX ends up 35.83 points, or 0.28 percent, at 13,017.93

* Six of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, March 2 (Reuters) - Canada's main stock index rose for a fifth straight session on Wednesday, hitting its highest point this year as gains for materials and energy stocks offset losses for financial and consumer names and railways.

Oil was steady, gold rebounded and several industrial metals also benefited from a "risk-on" attitude in financial markets that swept global shares and bond yields higher.

"You're seeing some of the big risk factors dissipate, crude oil come back, the Chinese markets stabilize," said Elvis Picardo, strategist at Global Securities in Vancouver.

"It helps the TSX because it's so leveraged to global growth expectations," he said.

The Toronto Stock Exchange's S&P/TSX composite index ended up 35.83 points, or 0.28 percent, at 13,017.93. It was last above 13,000 on the last day of 2015.   Continued...