May 16, 2013 / 3:29 PM / 7 years ago

CANADA STOCKS-Gains in Telus, banks boost TSX, offseting weak data

* TSX rises 55.04 points, or 0.44 percent, to 12,528.69
    * All 10 major sectors advance
    * Wireless company Telus rises after plan to buy Mobilicity

    By John Tilak
    TORONTO, May 16 (Reuters) - Canada's main stock index rose
on gains in financial stocks and  a proposed C$380 million ($370
million) acquisition by wireless carrier Telus Corp,
which outweighed weak economic data.
    Telus said it will acquire Mobilicity, a recent entrant to
the industry that helped force prices down but failed to draw
many customers. 
    Data showed U.S. jobless claims rose sharply last week and
ground-breaking at home construction sites tumbled in April. In
Europe, falling prices in Germany and France pulled euro zone
consumer inflation to a three-year low in April, while imports
fell 10 percent in March.  
    "The mood is caution," said Fred Ketchen, director of equity
trading at ScotiaMcLeod. "The strength is coming in areas where
people are looking for income and dividends."
    He said sectors like utilities, telecoms, and financials
were drawing the greatest interest from investors.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 55.04 points, or 0.44 percent, at 12,528.69.
    All of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.7 percent. Royal Bank of Canada advanced almost 1
percent and played the biggest role of any single stock in
leading the market higher.
    The materials sector, which includes mining stocks, rose 0.6
percent. Shares of gold producers were up nearly 1 percent after
 bullion pared much of its early losses. 
    Energy shares climbed 0.7 percent.
    Telus shares gained 1.1 percent. They are up about 5 percent
since completing a two-for-one stock split on April 17.
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