CANADA STOCKS-TSX rises to 1-week high as banks gain, energy weighs

Tue Sep 20, 2016 4:43pm EDT
 
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(Adds portfolio manager quotes and details on Bank of Canada's Poloz, updates prices to close)

* TSX ends up 25.75 points, or 0.18 percent, at 14,521.98

* Seven of the TSX's 10 main groups move higher

By Fergal Smith

TORONTO, Sept 20 (Reuters) - Canada's main stock index rose to a one-week high on Tuesday as shares of banks and other financial sector companies climbed, while the energy sector weighed as oil prices hit six-week lows intraday.

The financials group, which accounts for 35 percent of the index's weight, gained 0.6 percent as investors braced for the outcomes of Federal Reserve and Bank of Japan policy meetings on Wednesday.

Royal Bank of Canada advanced 0.4 percent to C$81.06 and Bank of Nova Scotia added 0.6 percent to C$70.43.

Today's rally shows that investors still have faith in major central banks to keep interest rates low, said Ian Scott, a portfolio manager at Manulife Asset Management.

The interest-rate-sensitive telecommunications sector rose 0.5 percent, while both the consumer discretionary and consumer staples sectors gained more than 0.8 percent and technology stocks advanced 1.3 percent.   Continued...