Monday, 30 March 2015 21:29
TORONTO: Canada’s main stock index climbed on Monday, supported by advances in the financial sector and a jump in Catamaran Corp after UnitedHealth Group Inc agreed to buy the pharmacy benefit manager. .
Catamaran’s shares shot up 25 percent to C$ 76.05, helping drive a 7 percent gain in the healthcare sector.
Recent economic data and comments from executives raised expectations that China might undertake more monetary easing measures. While global equity markets benefited from those hopes, some market experts wondered if the optimism was justified.
“It’s all fine that China is going to put stimulus into the system, but the reality is that it’s doing it because its economy is (slowing),” said Colin Cieszynski, chief market strategist at CMC Markets.
“It’s an excuse for day-to-day trading, but I’m not convinced that it’s the foundation of a sustainable rally,” he added.
The Toronto Stock Exchange’s S&P/TSX composite index was up 131.17 points, or 0.89 percent, at 14,943.59. Nine of the 10 main sectors on the index were higher.
Financial shares climbed 0.8 percent. Toronto Dominion Bank rose 1.1 percent to C$ 53.74, and Bank of Nova Scotia was up 1 percent at C$ 62.94.
The energy sector gained 0.8 percent, shrugging off declines in oil prices. Suncor Energy Inc added 1.5 percent to C$ 37.17, and Canadian Natural Resources Ltd rose 0.9 percent to C$ 39.
Copyright Reuters, 2015
