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TSX rallies as dividend increases help underpin financial shares

12/02/2021 | 04:51pm EST
FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's main stock index rebounded on Thursday from a seven-week low hit in the previous session, with financials contributing to broad-based gains as major lenders boosted their dividends.

The Toronto Stock Exchange's S&P/TSX composite index ended up 297.43 points, or 1.45%, at 20,762.03, after posting on Wednesday its lowest close since Oct. 12.

Wall Street also rallied as market participants snapped up bargains while digesting the implications of a shifting pandemic. The Omicron variant has spooked investors for about a week.

"The market is awaiting confirmation on the severity of the new COVID-19 variant, the degree to which it escapes existing vaccines, and how infectious it is given this will likely dictate the global response in terms of restrictions," said Russ Mould, investment director at AJ Bell.

Financials, which account for about 30% of the Toronto market's value, gained 2.2%. Toronto-Dominion Bank and Canadian Imperial Bank of Commerce joined rivals in announcing higher dividends and share repurchases.

TD rose 4.9%, while CIBC ended down 2.8% after missing profit estimates as costs climbed.

All 11 major sectors ended higher.

The energy sector advanced 1.8% as oil prices rebounded after OPEC+ stuck to its policy of incrementally boosting output. U.S. crude oil futures settled 1.4% higher at $66.50 a barrel.

Consumer cyclical stocks gained 2.4%, helped by gains for Restaurant Brands International Inc and Magna International Inc.

Canadian Prime Minister Justin Trudeau's government will outline limited new spending in a fiscal update to be released later this month, a source said, as inflation soars and some business groups and opposition politicians call for restraint.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)

By Fergal Smith

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC -2.41% 340 Delayed Quote.-10.44%
AJ NETWORKS CO., LTD. -0.19% 5220 End-of-day quote.-3.51%
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.02% 0.90245 Delayed Quote.-1.58%
AUTOCANADA INC. -2.58% 37.72 Delayed Quote.-11.66%
BANK OF COMM -1.56% 15.17 End-of-day quote.53.23%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.08% 1.70386 Delayed Quote.-0.59%
CANADA GOOSE HOLDINGS INC. -1.33% 37.84 Delayed Quote.-19.28%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.05% 90.636 Delayed Quote.0.13%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.01% 0.72651 Delayed Quote.1.64%
CANADIAN IMPERIAL BANK OF COMMERCE -1.06% 160.13 Delayed Quote.9.76%
GOLD 0.03% 1835.5 Delayed Quote.0.53%
LONDON BRENT OIL 0.17% 88.74 Delayed Quote.12.18%
MAGNA INTERNATIONAL INC. -2.37% 98.52 Delayed Quote.-3.74%
NASDAQ 100 -2.75% 14438.399525 Real-time Quote.-11.53%
NASDAQ COMP. -2.72% 13768.921815 Real-time Quote.-11.99%
NATIONAL BANK OF CANADA -1.51% 97.93 Delayed Quote.3.10%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -0.05% 0.8438 Delayed Quote.-2.36%
RESTAURANT BRANDS INTERNATIONAL INC. -1.27% 55.39 Delayed Quote.-8.72%
S&P 500 -1.89% 4397.94 Delayed Quote.-7.73%
S&P GSCI BRENT CRUDE INDEX 1.05% 748.5966 Delayed Quote.10.94%
S&P GSCI CRUDE OIL INDEX 1.99% 471.1168 Delayed Quote.13.20%
WTI 0.13% 85.949 Delayed Quote.11.56%
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