CANADA STOCKS-TSX climbs as gold stocks rally on cautious Yellen

Tue Mar 29, 2016 4:47pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager quotes, details on gold stocks, the consumer discretionary and industrial groups and SNC Lavalin, updates prices)

* TSX up 36.04 points, or 0.27 percent, at 13,426.23

* Six of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, March 29 (Reuters) - Canada's main stock index rose on Tuesday, reversing earlier losses as dovish comments from Federal Reserve Chair Janet Yellen helped support gold mining stocks.

Yellen said the U.S. central bank should proceed "cautiously" as it looks to raise interest rates, because inflation has not yet proven durable against the backdrop of looming global risks to the U.S economy.

The Fed's cautious stance is "great for asset prices for now and as an asset manager we are going make sure we take advantage," said Diana Avigdor, head of trading at Barometer Capital Management.

Although she worries that "it is not working to actually spur top line growth in companies."

The materials group rose 2.7 percent, led by gold mining stocks. Franco-Nevada Corp rose 4.3 percent to C$83.56, while Kinross Gold was up 10.5 percent at C$4.41.   Continued...