CANADA STOCKS-TSX rises as financial sector shares rally

Mon Mar 28, 2016 5:04pm EDT
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(Adds analyst quotes, details on bank stocks, Valeant and industrials, updates prices)

* TSX closed up 32.08 points, or 0.24 percent, at 13,390.19

* Five of the TSX's 10 main groups ended higher

By Fergal Smith

TORONTO, March 28 (Reuters) - Canada's main stock rose on Monday in light volume following a long weekend, as strengthening in financial and consumer names offset losses for healthcare and commodity-related stocks.

The index, which was closed for the Good Friday holiday, extended its rebound from a two-week low on Thursday at 13,255.47. However, it held comfortably below the four-month high of 13,685.45, reached on March 17.

"We have had a good rebound on the Canadian banks and that seems to be following through today," said Patrick Blais, senior portfolio manager at Manulife Asset Management, noting "a relaxation of the concerns surrounding financials."

The sector had been hindered by financial system risk related to an over-extended consumer and a stretched housing market, as well as credit risk in energy names and areas of the country dependent on energy, he added.

The most influential movers on the index included Royal Bank of Canada, which rose 1.1 percent to C$74.75, and Toronto-Dominion Bank, which advanced 0.8 percent to C$55.73.   Continued...