CANADA STOCKS-Toronto market gains, led by financials and energy
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TSX ends up 0.4% at 20,116.2
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Financials rally 1.2%
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Energy adds 0.8%; oil settles 1.9% higher
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First Quantum Minerals falls 10.1%
(Updates at market close)
By Shashwat Chauhan and Fergal Smith
Nov 29 (Reuters) - Canada's main stock index rose on Wednesday, helped by gains for financial and energy shares, as economic data showed strong growth in the U.S. economy.
The Toronto Stock Exchange's S&P/TSX composite index ended up 79.43 points, or 0.4%, at 20,116.2, adding to its strong gains since the start of the month. It was headed for a gain of 6.6% in November.
The U.S. economy grew at an annualized pace of 5.2% in the third quarter, faster than initially thought, as businesses built more warehouses and accumulated machinery equipment.
"You're seeing (in the U.S.) inflation fall and growth maintaining itself and that's really driving the markets now," said Allan Small, senior investment adviser of the Allan Small Financial Group with iA Private Wealth.
Energy advanced 0.8% as the price of oil settled 1.9% higher at $77.86 a barrel ahead of an OPEC+ meeting to decide on output policy.
Heavily weighted financials rebounded, rising 1.2%, after the sector was pressured by downbeat bank earnings on Tuesday.
First Quantum Minerals extended its recent decline, falling 10.1%, as a top official of the miner said it is too early and likely too challenging to consider bringing a new partner into its flagship Panama project due to the situation in the country. (Reporting by Fergal Smith in Toronto and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Lisa Shumaker)
