CANADA STOCKS-TSX advances as Fed hopes drive broad gains

Tue Apr 1, 2014 11:00am EDT

* TSX rises 33.62 points, or 0.23 percent, to 14,368.93
    * Eight of the 10 main index sectors advance
    * Valeant rise supports healthcare sector

    By John Tilak
    TORONTO, April 1 (Reuters) - Canada's main stock index rose
on Tuesday, continuing to get support from Monday's U.S. Federal
Reserve assertion of its willingness to keep on buttressing the
U.S. economy. 
    Fed Chair Janet Yellen defended the central bank's easy
monetary policy on Monday, indicating that stimulative measures
to boost the U.S. economy will be necessary for some time to
come. 
    Her remarks rallied global markets and helped the Canadian
benchmark stock index record a ninth straight monthly gain in
the previous session.
    "We're picking up from where we left off yesterday," said
Colin Cieszynski, senior market analyst at CMC Markets Canada.
"The markets have moved into sideways trading ranges and are
climbing within that."
    After digesting mixed signals about the state of global
manufacturing, investors are awaiting a wave of economic data
later this week, including the monthly U.S. nonfarm payrolls
report on Friday.
    "We're expecting to see some fairly robust employment
growth, and it does look like things are starting to improve
again coming out of the winter," Cieszynski said. "There's some
potential for positive surprises."
    He said he expects strengthening demand for commodities to
help support the Canadian equity market this year.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 33.62 points, or 0.23 percent, at 14,368.93.
Eight of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, were
up slightly. Royal Bank of Canada climbed 0.3 percent to
C$73.14, and Bank of Montreal gained 0.4 percent to
C$74.25.
    Industrial shares gained 0.6 percent, with Air Canada
 jumping 3.8 percent to C$5.74, and Bombardier Inc
 adding 1.2 percent to C$4.16.
    The healthcare sector advanced 0.6 percent, supported by a 2
percent rise in Valeant Pharmaceuticals International Inc
 to C$148.35.
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
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