CANADA STOCKS-TSX gets lift from strong German data

Tue Feb 19, 2013 11:32am EST

Related Topics

* TSX rises 76.56 points, or 0.60 percent, to 12,763.19
    * Nine of 10 main index sectors advance
    * Mining stocks slip as gold prices fall

    By John Tilak
    TORONTO, Feb 19 (Reuters) - Financial and energy shares
pulled Canada's main stock index higher on Tuesday as data
showing a pick-up in German economic sentiment boosted investor
confidence.
    German analyst and investor sentiment soared to its highest
level since April 2010, beating all expectations with a third
successive increase. 
    "We've got some great numbers out of Germany's future
consumer sentiment. It seems like there's good news all around,"
said Kevin Headland, director, portfolio advisory group, at
Manulife Asset Management.
     "It's sentiment driven. You've seen a lot less negative
news flow and that is a positive for the market," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 76.56 points, or 0.60 percent, at 12,763.19.
Nine of the 10 main sectors on the index were higher.
     Shares of life insurer Great-West Lifeco were up 9
Canadian cents at C$26.87 after it was announced the Canadian
insurer is buying state-rescued insurer Irish Life for 1.3
billion euros ($1.7 billion) in a deal that increases
Great-West's presence in Ireland. 
    Financial shares, the index's weightiest sector, rose 0.8
percent overall, with Royal Bank of Canada up 1.4
percent at C$64.16, and Toronto-Dominion Bank gaining 1
percent to C$83.56.
    Several Canadian banks will report quarterly results next
week, and investors are looking for stronger profit margins and
growth. "Dividends remain intact and relative to the (broader)
TSX the banks remain very attractive to Canadian investors,"
Headland said.
    The energy sector advanced 0.6 percent, with TransCanada
Corp, rising 1.3 percent to C$47.39, and Suncor Energy
Inc gaining 0.8 percent to C$32.01.
    The materials sector, which includes mining stocks, slipped
0.3 percent, tracking lower gold prices.
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