(Adds investment adviser comment, updates prices to close)
* TSX ends up 79.12 points, or 0.51 percent, at 15,497.28
* Eight of the TSX's 10 main groups rise
* Index ends flat on week
By Alastair Sharp
TORONTO, Jan 13 Canada's main stock index rose
on Friday, as higher bond yields and solid U.S. bank earnings
helped boost the index's heavyweight financials sector.
The broad gains - resource stocks, consumer names and
industrials also broadly moved higher - capped a tumultuous week
dominated by uncertainty about the likely policies of U.S.
President-elect Donald Trump.
"When Mr. Trump makes a comment about a specific company, a
sector, whatever it may be, he moves markets," said Allan Small,
a senior investment advisor at HollisWealth. "We should expect
this (volatility) more often heading into 2017."
Executives of big U.S. banks expressed optimism on Friday
about the outlook for 2017 in their first public comments about
quarterly earnings since the U.S. presidential election in
Their strong results at the start of U.S. earnings season
and higher bond yields after data showed U.S. retail sales rose
solidly in December helped boost Canadian lenders, Small said.
Royal Bank of Canada climbed 0.8 percent to C$94.50
and insurer Sun Life Financial Inc rose 2.2 percent to
C$52.60, while the overall financials group gained 0.7 percent.
Higher bond yields increase net interest margins of banks
and reduce the value of insurance companies' liabilities.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 79.12 points, or 0.51 percent, at 15,497.28.
That was barely a point higher than where it ended last
week, when it touched its highest since September 2014.
The owner of the Sobeys supermarket chain, Empire Co Ltd
, jumped 7.7 percent to C$16.72 after naming a former
Canadian Tire Co Ltd executive as its new chief
"He's known to some as a technician. They're saying he's
going to be able to come in and really turn around Empire's
issues, which primarily are with the Safeway acquisition,"
HollisWealth's Small said.
Consumer staples rose 1.4 percent, while the materials
group, which includes precious and base metals miners and
fertilizer companies, rose 1 percent as higher copper prices
boosted the likes of Teck Resources Ltd, which ended
up 2.8 percent at C$32.45.
AltaGas Ltd fell 4.9 percent to C$32 after the
energy infrastructure company said it was in talks about a
The broader energy group gained 0.5 percent, as data showed
they more than doubled the number of rigs drilling for oil this
week to the highest level in almost two years.
(Additional reporting by Fergal Smith; Editing by Bill Trott
and Lisa Shumaker)