CANADA STOCKS-TSX climbs as global growth hopes buoy sentiment

Wed Jan 15, 2014 10:45am EST

* TSX rises 54.32 points, or 0.40 percent, to 13,746.70
    * Nine of the 10 main index sectors advance
    * Manulife the biggest positive influence on key index
    * Magna up after sales forecast

    By John Tilak
    TORONTO, Jan 15 (Reuters) - Canada's main stock index
advanced broadly on Wednesday after the World Bank issued a
brighter outlook for global economic growth, a development that
would benefit the export-oriented Canadian stock market.
    The World Bank raised its forecast for global growth for the
first time in three years as advanced economies started to pick
up pace, led by the United States. 
    The Toronto Stock Exchange's benchmark index has gained in
six of the last seven sessions, with its resource sectors, which
had a lackluster 2013, beginning to gather steam.
    "Ironically, it is the resources that are giving the
impetus, and part of it is the lower Canadian dollar," said John
Ing, president of Maison Placements Canada.
    The Canadian dollar is trading at four-year lows against the
greenback, which is gaining strength along with the U.S.
economy. 
    Producers of forest products, metals and oil could receive a
significant lift from the currency's weakness, Ing said. "It's a
bonus that a lot of investors have not taken into account." 
    The Toronto market's S&P/TSX composite index was
up 54.32 points, or 0.40 percent, at 13,746.70. Nine of the 10
main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, rose
0.5 percent. Manulife Financial Corp climbed 1.4
percent to C$21.88, and had the biggest positive influence on
the index. Royal Bank of Canada added 0.3 percent to
C$71.11.
    Higher oil prices supported gains in the energy sector, with
Suncor Energy Inc advancing 0.3 percent to C$37.36.
    The materials sector, which includes mining stocks, gained
0.6 percent. Barrick Gold Corp rose 0.5 percent to
C$19.59.
    Magna International Inc forecast 2014 sales below
analysts' expectations due to lower revenue in its complete
vehicle-assembly business. Shares in the auto parts maker was
nevertheless up 0.8 percent at C$92.88.
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