(Adds portfolio manager quote and details on Brookfield and on
background and updates prices)
* TSX ends up 200.44 points, or 1.3 percent, at 15,599.68
* Nine of the TSX's 10 main groups end higher
By Fergal Smith
TORONTO, March 1 Canada's benchmark stock index
on Wednesday scored its biggest points gain in 10 months as its
financial services group cheered prospects for a March interest
rate hike by the Federal Reserve.
Resource stocks, industrials and consumer names were all
also broadly higher as the index broke a five-day downward move.
"The TSX is taking its cues from the rally in the U.S.; a
bit of optimism after Trump's speech," said Youssef Zohny,
portfolio manager at StennerZohny Investment Partners of
The Dow crossed the 21,000 mark for the first time after
U.S. President Donald Trump's measured tone in his first speech
to Congress, while investors viewed a looming interest rate
increase as a glass half full after Fed policymakers on Tuesday
jolted markets into higher expectations for a hike this month.
Canadian financial stocks stand to benefit from any hikes as
higher bond yields reduce the value of insurance companies'
liabilities and increase net interest margins of banks.
The group gained 1.5 percent overall, with Toronto-Dominion
Bank advancing 1.5 percent to C$69.50 ahead of its
quarterly results on Thursday.
National Bank of Canada gained 1.7 percent to
C$57.66 after reporting profit that handily beat estimates.
Brookfield Asset Management Inc is nearing a deal
to buy a 30 percent stake in Renova Energia SA, a
person directly involved in the transaction said.
Shares of Brookfield rose 1.3 percent to C$48.47.
By contrast to the Fed, the Bank of Canada held rates steady
as it stayed focused on the "significant uncertainties" facing
the domestic economy.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 200.44 points, or 1.3 percent, at 15,599.68,
which was its biggest points gain since May and its biggest
percentage advanced since July.
Nine of the index's 10 main groups were in positive
territory, with only telecoms lagging.
The energy group climbed nearly 1.5 percent even as a record
high for U.S. crude stocks weighed on oil prices.
U.S. crude oil futures settled 18 cents lower at
$53.83 a barrel.
Industrials rose nearly 2 percent as railroad stocks
climbed, while the materials group, which includes precious and
base metals miners and fertilizer companies, added 2.3 percent.
First Quantum Minerals Ltd jumped 8.2 percent to
C$14.95 and Teck Resources Ltd advanced 5.8 percent
to C$28.08 as copper prices rose to their highest in more than a
Copper firmed 0.7 percent to $6,016.15 a tonne as
manufacturing data from top consumer China showed potential for
(Additional reporting by Alastair Sharp; Editing by Chizu
Nomiyama and James Dalgleish)