(Adds portfolio manager comment, updates prices to close)
* TSX ends up 77.28 points, or 0.50 percent, at 15,476.39
* Index falls 0.6 percent over the week
By Alastair Sharp
TORONTO, Feb 3 Canada's main stock index gained
on Friday as heavyweight banks got a boost from U.S. President
Donald Trump's move to scale back financial regulations, while
department store operator Hudson's Bay Co jumped on
news it is eyeing larger U.S. retailer Macy's.
The Toronto Stock Exchange's S&P/TSX composite index
settled up 77.28 points, or 0.50 percent, at
15,476.39. It fell 0.6 percent over the course of the week.
The financials group, which accounts for 35 percent of the
index's weight, gained 0.8 percent as Trump ordered a review of
banking regulations introduced after the 2008 financial crisis.
"Fewer regulations in U.S. banking, that's positive for
Canadian banks that are operating there," said Irwin Michael, a
portfolio manager at ABC Funds.
Royal Bank of Canada rose 0.9 percent to C$94.60 and
Toronto-Dominion Bank gained 0.5 percent to C$67.49.
Shares in Hudson's Bay rose 3.9 percent to C$10.39 after
sources said the department store operator had made a takeover
approach for U.S. retailer Macy's Inc.
"It's a bit of an enigma," ABC's Michael said of the deal.
"The retailers are having a tough time ... I don't know if one
and one equals three."
The Canadian stock market has moved to within striking
distance of an all-time high in recent weeks, but economists say
that will barely lift the confidence of ordinary Canadians, who
are more concerned about job prospects in an economy threatened
by a more protectionist United States.
Industrials rose 0.5 percent as railroad stocks gained,
while the materials group, which includes miners and fertilizer
companies, was barely lower overall.
Teck Resources Ltd fell 4.1 percent to C$61.56.
The miner said two of the three unions at its Quebrada Blanca
copper mine in Chile have agreed to extend their current
contracts for 15 months.
Energy stocks were barely lower, even as oil prices rose
after the United States imposed sanctions on some Iranian
individuals and entities and strong U.S. jobs data lent support.
(Additional reporting by Fergal Smith; Editing by W Simon and