CANADA STOCKS-TSX climbs on upbeat data, on track for monthly gain

Fri Feb 28, 2014 10:54am EST

* TSX rises 57.29 points, or 0.40 percent, at 14,272.03
    * Six of 10 main index sectors advance
    * Index up about 4.2 percent this month
    * Mega Brands shares jump after takeover bid

    By John Tilak
    TORONTO, Feb 28 (Reuters) - Canada's main stock index
advanced on Friday as data showed economic growth and stability
in Canada and the United States, putting it on track for the
strongest monthly gain since October. 
    The Toronto market is up about 4.8 percent this year,
rebounding strongly from a selloff in January that was triggered
by concerns about emerging market growth.
    Government data showed that Canadian economic growth beat
market expectations in the fourth quarter of 2013. In the United
States, data indicated the world's biggest economy grew at a 2.4
percent annual rate in the fourth quarter.  
    "It just gives confirmation that things in the U.S. continue
to move in the right direction," said Philip Petursson, managing
director, portfolio advisory group, at Manulife Asset
Management.
    "The overall sentiment in the marketplace is to buy the
dips, embrace the risk and embrace the economic environment that
continues to show improvement, not only in North America but
around the world," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 57.29 points, or 0.40 percent, at 14,272.03.
The Canadian benchmark index is up about 4.2 percent this month.
    Financials, the index's most heavily weighted sector, added
0.6 percent. Royal Bank of Canada climbed 0.5 percent to
C$72.76, and Toronto Dominion Bank gained 0.8 percent to
C$50.15.
    Shares of energy producers rose 0.6 percent, shrugging off
declines in the price of oil. Suncor Energy Inc was up
0.6 percent at C$36.78, and Canadian Natural Resources Ltd
 advanced 0.5 percent to C$40.60.
    In corporate news, toymaker Mattel Inc said it
agreed to buy Mega Brands Inc for about $460 million,
including debt. Shares of Mega Brands jumped 35.7 percent to
C$17.74.
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