CANADA STOCKS-TSX rises as Ukraine tensions ease, Scotiabank gains

Tue Mar 4, 2014 11:02am EST

* TSX rises 66.03 points, or 0.46 percent, to 14,278.77
    * All of the 10 main index sectors advance
    * Index up about 4.8 percent this year

    By John Tilak
    TORONTO, March 4 (Reuters) - Canada's main stock index
advanced on Tuesday, with gains in almost every major sector,
after comments by Russian President Vladimir Putin helped ease
concerns that military conflict in Ukraine was imminent.
    Providing further support, shares of Bank of Nova Scotia
 climbed after the lender reported higher quarterly
earnings and raised its dividend.
    While Putin defended Russia's actions in Crimea, global
markets took comfort from his statement that military force
would be the last resort in Russia's dealings with Ukraine.
 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 66.03 points, or 0.46 percent, at 14,278.77.
The index is up about 4.8 percent so far in 2014. 
    "It's been a bit of a rebound," said Sadiq Adatia, chief
investment officer at Sun Life Global Investments. "The appetite
is there to take on more equity risk."
    "People do want to buy equities, given that (interest) rates
are going to be more difficult to predict going forward," he
added.
    All of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, rose
0.6 percent. Toronto-Dominion Bank advanced 0.8 percent
to C$50.33, and Scotiabank added 0.5 percent to C$63.33.
    Scotiabank reported a 6 percent rise in quarterly profit on
the back of recent acquisitions and higher lending volumes, and
it increased its quarterly dividend. 
    In other corporate news, Enbridge Inc said it would
undertake a C$7 billion replacement program in the mainline
pipeline system running between Edmonton, Alberta, and Superior,
Wisconsin. The stock jumped nearly 2 percent to C$47.78
 
    Shares of Valeant Pharmaceuticals International Inc 
rose 1.3 percent to C$160.80, and were a major factor in the
index's advance.
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