February 21, 2017 / 5:11 PM / 5 months ago

CANADA STOCKS-TSX posts record high as Restaurant Brands jumps on acquisition

3 Min Read

* TSX up 73.86 points, or 0.47 percent, to 15,912.49

* Index touches a new intraday all-time high at 15,943.09.

* Nine of the TSX's 10 main groups rise

TORONTO, Feb 21 (Reuters) - Canada's main stock index reached a new record high on Tuesday, led by Restaurant Brands International Inc after it announced an acquisition, while heavyweight financial and energy shares also gained as oil prices rose.

The Toronto Stock Exchange's S&P/TSX composite index gained as data showed the fastest pace of growth in euro zone business activity for six years, while Wall Street also reached record-highs as investors cheered strong results of top U.S. retailers.

Shares of Restaurant Brands International Inc surged nearly 7 percent to C$75.58. The owner of the Burger King and Tim Hortons fast-food chains said it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash.

ECN Capital Corp jumped 11.6 percent to C$3.56 after it said it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash.

The overall financials group rose 0.3 percent, while the energy group climbed 0.9 percent as oil prices rose.

U.S. crude prices were up 1.8 percent at $54.35 a barrel after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

At 11:43 a.m. ET (1643 GMT), the TSX rose 73.86 points, or 0.47 percent, to 15,912.49.

The index has surged 38 percent since hitting a three-year trough in January last year and touched a new intraday all-time high on Tuesday at 15,943.09.

Ritchie Bros. Auctioneers Inc surged more than 13 percent to C$45.91 after it reported fourth quarter and 2016 annual results.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent.

Teck Resources Ltd rose nearly 4 percent to C$29.09 but Goldcorp Inc retreated 1.3 percent to C$22.46.

Gold futures fell 0.1 percent to $1,236.3 an ounce and copper prices advanced 0.1 percent to $6,073.5 a tonne.

Telecoms was the only one of the index's 10 main groups which failed to gain ground but it fell less than 0.1 percent.

Domestic data on Monday, when the index was closed for a market holiday, showed that wholesale trade rose for the third straight month in December. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)

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