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Canadian stocks reach week highs on bank earnings

Xinhua, August 24, 2016 Adjust font size:

Canada's main stock market in Toronto moved up to a one-week high on Tuesday after financial shares ticked up as a major bank reported better-than-expected earnings.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 16.58 point, or 0.11 percent, to close at 14,764.77 points. Half of the TSX index's eight main sub-sectors were higher.

Bank of Montreal rose 2.19 percent to 86.27 Canadian dollars (66.82 U.S. dollars) after the fourth largest bank in Canada reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses.

Royal Bank of Canada added 1.43 percent to 82.23 Canadian dollars, Toronto-Dominion Bank went up 0.44 percent to 57.15 Canadian dollars, while Canadian Imperial Bank Of Commerce increased 0.94 percent to 101.43 Canadian dollars.

Uptick for bank stocks helped drive the financials group 0.8 percent higher, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent.

Gains for the materials group were led by a 2.71 percent advance in shares of Potash Corporation of Saskatchewan Inc. to 21.63 Canadian dollars.

Energy stocks rose 0.11 percent despite falling crude prices. Enbridge Inc. hiked 1.04 percent to 53.60 Canadian dollars and Encana Corporation surged 1.39 percent to 13.16 Canadian dollars.

TransCanada Corp declined 0.81 percent to 61.30 Canadian dollars, while Suncor Energy was down 0.63 percent at 36.49 Canadian dollars.

Spot gold sank as markets shifted focus from hawkish comments by a Federal Reserve official at the weekend to a meeting of global central bankers this week, awaiting further guidance on U.S. interest rates.

Barrick Gold Corporation was down 1.82 percent to 25.93 Canadian dollars, while Goldcorp Inc. lost 1.81 percent to 22.82 Canadian dollars.

The Canadian dollar traded higher at 0.7746 U.S. dollar, compared with Monday's closing rate of 0.7722 U.S. dollar. Endit