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TSX ends up 0.8% at 20,099.89
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Posts gain of 3.7% in the first quarter
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Canadian economy grows 0.5% in January
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Shaw rises 3.3% as Canada approves company's buyout
(Adds investor quotes and details on activity)
By Fergal Smith
March 31 (Reuters) - Canada's main stock index rose on
Friday for a sixth straight day, notching its highest closing
level in three weeks, as worries eased about the outlook for
U.S. interest rates and data showed stronger-than-expected
growth in the domestic economy.
The Toronto Stock Exchange's S&P/TSX composite index ended up 158.90 points, or 0.8%, at 20,099.89, its
highest closing level since March 8.
"I think some of this pervasive concern about high interest
rates, especially in the U.S., has receded a bit this week which
is why we are seeing a nice rally off the lows that were hit
earlier in the month," said Elvis Picardo, portfolio manager at
Luft Financial, iA Private Wealth.
For the month, the TSX lost 0.6% as global banking
turmoil led to a selloff in heavily-weighted financials and
volatility in the price of oil.
It was up 3.7% in the first quarter of the year but trailing a gain of 7% for U.S. benchmark the S&P 500.
"We've seen the TSX lose a little bit of its sheen but I wouldn't be surprised to see it bounce back over the rest of the year as the global economy continues to open up and the fears centered around banking recede," Picardo said.
The
Canadian economy grew 0.5% in January, ahead of analysts' forecasts of a 0.3% rise, and is seen expanding further in February.
Broad-based gains on the Toronto market were led by the technology sector. It was up 2.4%, helped by a 14.4% jump in the shares of Blackberry Ltd after the company reported quarterly results. Canada approved Rogers Communications Inc's C$20 billion ($14.8 billion) buyout of Shaw Communications after securing commitments from them to promote competition. Shares of Shaw rose 3.3%, while Rogers was down 2.9%. (Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Deepa Babington and Marguerita Choy)
