January 19, 2016 / 3:42 PM / 2 years ago

CANADA STOCKS-TSX broadly rises, led by banks and telecoms

* TSX up 120.85 points, or 1.01 percent, at 12,063.02

* Nine of the TSX’s 10 main groups were higher

TORONTO, Jan 19 (Reuters) - Canada’s main stock index rose more than 1 percent in morning trade on Tuesday, led by financial shares and helped by telecoms and some consumer stocks.

The move echoed a similar gain for U.S. indices, which were closed for a holiday Monday when Toronto fell 1.1 percent.

Shares in Europe and Asia also rose as data showing China’s economy grew last year at its slowest pace in a quarter of a century led investors to anticipate more efforts by Beijing to spur growth.

At 10:09 a.m. EST (1509 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 120.85 points, or 1.01 percent, at 12,063.02. It is just off its lowest levels since June 2013.

Oil prices were pressured by an Iranian order to sharply increase output, although data pointing to record Chinese oil demand in 2015 boosted sentiment.

The energy group climbed 1.3 percent.

Banks and other financial stocks were influential, with Royal Bank of Canada up 1.1 percent to C$67.57 and Manulife Financial Corp adding 1.1 percent to C$18.06.

Telecoms climbed 1.2 percent, with Rogers Communications Inc jumping 2.2 percent to C$49.31 and BCE Inc rising 1.7 percent to C$55.02.

Progressive Waste Solutions Ltd jumped 8.8 percent to C$36.78 after agreeing to a reverse merger that will make it part of the third-biggest waste management company in North America.

Industrials rose 0.7 percent.

The consumer groups were broadly higher, with staples up 1.4 percent and discretionary adding 1.3 percent.

Convenience store operator Alimentation Couche-Tard rose 2.2 percent to C$59.24 and car parts maker Magna International Inc gained 1.7 percent to C$49.32.

Potash Corp shares gained 3.4 percent to C$23.81 after it said it would suspend operations at a New Brunswick mine, cutting more than 400 jobs.

Reporting by Alastair Sharp; Editing by Nick Zieminski

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