(Adds portfolio manager quotes and details on healthcare and
* TSX closes up 65.26 points, or 0.42 percent, at 15,491.54
* Five of the TSX's 10 main groups rise
By Fergal Smith
TORONTO, Jan 11 Canada's main stock index rose
on Wednesday as heavyweight financial stocks rose ahead of the
start of U.S. earnings season and investors weighed comments by
U.S. President-elect Donald Trump.
Some of the most influential movers on the index were the
country's major banks. Royal Bank of Canada rose nearly 1
percent to C$93.89 and Bank of Nova Scotia climbed 0.9 percent
to C$77.68, while the financials group rose 0.7 percent.
"There is a lot of optimism in financials with the increase
in interest rates and the potential for lower financial
regulation," said Youssef Zohny, portfolio manager at
StennerZohny Investment Partners of Richardson GMP.
The move higher in bond yields since the U.S. election has
reduced the value of insurance companies' liabilities and
increased net interest margins of banks.
"I think a lot of investors are really waiting for earnings
season to kick off in the U.S. on Friday. At this point markets
seem to be kind of stuck, waiting for some momentum either way,"
The Toronto Stock Exchange's S&P/TSX composite index
closed up 65.26 points, or 0.42 percent, at 15,491.54.
On Thursday, it touched its highest since September 2014 at
Plane and train maker Bombardier Inc advanced 4.9
percent to C$2.59 after a consortium in which it has a 30
percent stake won a 1.16 billion euro contract to supply
commuter trains for the Paris region.
The overall industrials group rose 0.8 percent as railroad
stocks also gained ground.
The materials group, which includes precious and base metals
miners and fertilizer companies, gained 0.7 percent, with Teck
Resources climbing 6.6 percent to C$31.60 and First Quantum
Minerals Ltd rising 3.7 percent to C$16.45 even as
copper prices slipped from a four-week high.
Gold rose to a seven-week high, but gold mining
Five of the index's 10 main groups ended higher.
The healthcare group fell more than 3 percent, with Valeant
Pharmaceutical International Inc tumbling 6.9 percent
to C$20.31. Losses for healthcare came as U.S. President-elect
Donald Trump said pharmaceutical companies were "getting away
with murder" by charging high prices.
The energy group dipped 0.1 percent even as oil prices rose
for the first time in three days following news of Saudi supply
cuts to Asia.
U.S. crude oil futures settled $1.43 higher at $52.25
Corus Entertainment Inc fell 3.0 percent to
C$12.87 after the media company's profit missed expectations.
(Additional reporting by Alastair Sharp; Editing by Paul Simao
and Tom Brown)