CANADA STOCKS-TSX pushes higher on banks, energy

Tue Sep 13, 2011 11:00am EDT

   * TSX up 51 points, or 0.4 pct, at 12,199.83
 * Eight of 10 main sectors higher
 (Updates with details, commentary)
 By Claire Sibonney
 TORONTO, Sept 13 (Reuters) - Toronto's main stock index
pushed higher on Tuesday morning, following a steep selloff in
the previous session, as U.S. oil prices rose and Wall Street
rallied on strength in the banking sector.
 The index's heavyweight financial sector rose 0.7 percent
as Bank of Nova Scotia (BNS.TO) advanced 1.2 percent to
C$51.40, Toronto-Dominion Bank (TD.TO) added 0.6 percent to
C$73.06 and Royal Bank of Canada (RY.TO) climbed 0.7 percent to
C$46.52.
 "They're getting value here ... they're not really involved
in these sovereign loan issues that are causing all the grief,"
said John Kinsey, portfolio manager at Caldwell Securities.
 The TSX closed more than 200 points lower on Monday as the
heavyweight financials, materials and energy sectors tumbled on
escalating fears that Greece was on the tipping point of
default.
  At 10:36 a.m. (1436 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 51 points, or 0.4
percent, at 12,199.83. Eight of the 10 main sectors were
higher, including energy issues, up 0.8 percent, which followed
U.S. oil futures higher. [O/R]
 Precious metal miners dragged materials down 0.4 percent as
gold prices swung between positive and negative territory
following bullion's 2.5 percent slide on Monday. [GOL/]
[ID:nL5E7KD1KL]
 Among the top decliners, Goldcorp (G.TO) was off 2.3
percent at C$51.37, Barrick Gold (ABX.TO) lost 0.5 percent to
C$52.57 and Silver Wheaton (SLW.TO) slid 2.7 percent to
C$38.02.
 "I think the golds are going to try to turn around here, so
hopefully we'll have a better day today than yesterday," added
Kinsey.
 Sentiment was still shaky however as investors continued to
worry that European policymakers had no firm plans to resolve
the region's debt crisis as rumors that China would support
Italy by buying its government debt failed to materialize.
[ID:nL5E7KD1TR] [ID:nL3E7KD01K]
 ($1=$0.99 Canadian)
 (Reporting by Claire Sibonney; editing by Rob Wilson)
















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