TSX rises as RBC earns boosts financial stocks

TORONTO - 23 Aug 2017: Canada's main stock index rose on Wednesday, boosted by a jump in financial shares led by Royal Bank of Canada after the country's biggest lender reported a rise in third-quarter profit.

RBC's stock rose 1.3 percent to C$93.18 after it kicked off the country's banking earnings season with double-digit growth at its wealth management business, which offset a weaker showing in its capital markets unit.

Rivals reporting over the next week made smaller gains, with the heavyweight financials group gaining 0.7 percent overall.

At 9:50 a.m. EDT (1350 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 46.93 points, or 0.31 percent, at 15,031.89. Seven of its 10 main sectors were higher.

Air Canada advanced 2.9 percent to C$23.71 ahead of what the country's biggest airline called a major announcement about new air service from Montreal.

Iamgold Corp gained 3.7 percent to C$7.49 and Cominar REIT jumped 5.2 percent to C$13.47 after analysts at Bank of Montreal raised their price targets and recommendations on the stocks.

Gold and base metal miners perked up in line with a pick up in the price of the precious metal, with Barrick Gold Corp up 0.7 percent at C$21.31.

Pipeline operators made gains even as the price of oil stagnated, with Enbridge Inc up 0.9 percent at C$50.63 and TransCanada Corp adding 0.6 percent to C$62.97.