(Adds analyst quotes, details on bank stocks, Valeant and
industrials, updates prices)
* TSX closed up 32.08 points, or 0.24 percent, at 13,390.19
* Five of the TSX's 10 main groups ended higher
By Fergal Smith
TORONTO, March 28 (Reuters) - Canada's main stock rose on
Monday in light volume following a long weekend, as
strengthening in financial and consumer names offset losses for
healthcare and commodity-related stocks.
The index, which was closed for the Good Friday holiday,
extended its rebound from a two-week low on Thursday at
13,255.47. However, it held comfortably below the four-month
high of 13,685.45, reached on March 17.
"We have had a good rebound on the Canadian banks and that
seems to be following through today," said Patrick Blais, senior
portfolio manager at Manulife Asset Management, noting "a
relaxation of the concerns surrounding financials."
The sector had been hindered by financial system risk
related to an over-extended consumer and a stretched housing
market, as well as credit risk in energy names and areas of the
country dependent on energy, he added.
The most influential movers on the index included Royal Bank
of Canada RY.TO , which rose 1.1 percent to C$74.75, and
Toronto-Dominion Bank TD.TO , which advanced 0.8 percent to
C$55.73.
The overall financial services group rose 0.8 percent.
It's "more of a rotation" into consumer and financial names
after a good move in commodity related stocks, according to Sid
Mokhtari, market technician and director, institutional equity
research, at CIBC World Markets.
The consumer discretionary group advanced 0.6 percent, with
discount chain Dollarama Inc DOL.TO up 1.8 percent at C$80.84
and fast food chain Restaurant Brands International QSR.TO
adding 1.3 percent to C$50.47.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 32.08 points, or 0.24 percent, at 13,390.19.
Five of the index's 10 main groups were higher.
Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO , which is
coping with a variety of federal investigations into its
accounting practices, fell 7.6 percent to C$38.07.
Its chief executive has been summoned to testify at a U.S.
congressional hearing on April 27.
Industrial and commodity related stocks also dragged,
trimming gains since January. Industrials fell 0.2 percent,
including losses for railway stocks.
The energy group fell 0.4 percent, while the materials
group, which includes precious and base metals miners and
fertilizer companies, also lost 0.4 percent.
"The move that we had for the gold and the energy complex,
initially was a good move. It's probably going to stay volatile,
but with a higher tilt," said Mokhtari.