TSX climbs to near 1-month high as financials advance
TSX up 0.1%
Financial stocks lead gains
Index hits highest in near 1-month
Updated at 9:53 a.m. ET/ 1353 GMT
By Purvi Agarwal
May 7 (Reuters) -Canada's main stock index climbed to its highest level in nearly a month, pulled up by financial stocks, as investor sentiment remained upbeat on reviving hopes of interest rate cuts in the year.
At 9:53 a.m. ET (13:53 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 29.84 points, or 0.13%, at 22,289.31.
Heavy-weight financials .SPTTFS climbed 0.3%, pulled up by Brookfield Asset Management BAM.TO that rose 1.2%.
Industrial shares .GSPTTIN added 0.1%, helped by Ballard Power Systems BLDP.TO that gained 2.1% after it reported its first-quarter results.
"Investors are pausing. We've had this several days of rallying after the Fed (decision). Now that's run its course and markets are waiting for the next big thing to react to", said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The TSX closed over 1.4% higher in the previous session at its highest in over three weeks, logging its best day in nearly three months. .TO
Wall Street indexes also closed higher, registering their third session of advances on Monday. .N
The rally followed the Federal Reserve's decision in the last week to hold interest rates and a crucial data report that showed U.S. job growth had slowed in April.
The dataset had investors adding to bets that the Federal Reserve will commence its easing cycle in September.
On the corporate front, investors will now parse through corporate earnings that will pick pace this week in Canada, with Suncor Energy SU.TO, Manulife Financial MFC.TO and Shopify SHOP.TO set to report this week.
Cameco Corp CCO.TO climbed to the top of the index with a 3.5% % gain after Bank of America added the company's U.S.-listed shares to its US 1 list.
Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar
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