(Adds portfolio manager, updates prices)
* TSX up 40.57 points, or 0.3 percent, to 13,671.24
* Seven of the TSX’s 10 main groups rise
TORONTO, Sept 9 (Reuters) - Canada’s main stock index rose on Wednesday, encouraged by the prospect of further stimulus out of Asia as Canada’s central bank held rates steady.
China’s Finance Ministry said it would strengthen fiscal policy, boost infrastructure spending and speed up tax reform, helping lift Chinese shares for a second day.
“What happened in China was looked on as somewhat bullish,” said John Kinsey, a portfolio manager at Caldwell Securities.
“Hopefully we’re going to have some semblance of order in the market now, and gradually it will work its way higher.”
Japan’s prime minister, Shinzo Abe, said his country would cut corporate taxes to stimulate growth, which also aided sentiment.
At 11:23 a.m. ET (1523 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 40.57 points, or 0.3 percent, to 13,671.24. Of the index’s 10 main groups, seven were in positive territory.
Four of the five most influential movers on the index were financial stocks, with Royal Bank of Canada rising 1.0 percent to C$73.15, and Manulife Financial advancing 1.7 percent to C$20.75. The overall group climbed 0.6 percent.
“We look on them as a safe haven and an income producer,” Kinsey said on Canada’s banks.
On the downside, gold miners were among the heaviest weights, with Goldcorp off 2.7 percent to C$17.06, and Barrick Gold Corp declining 1.7 percent to C$8.45.
The overall materials group retreated 0.6 percent.
Gold futures fell 1.0 percent to $1,109.3 an ounce.
Kinsey said U.S. stocks are more attractive than domestic holdings despite the currency costs as the U.S. recovery is more advanced. (Editing by James Dalgleish)
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