CANADA STOCKS-TSX pushes higher on banks, energy

Tue Sep 13, 2011 5:45pm EDT

   * TSX up 56.65 points, or 0.47 percent, at 12,205.48
 * Seven of 10 main sectors higher
 (Adds analyst comments)
 By Trish Nixon
 TORONTO, Sept 13 (Reuters) - Toronto's main stock index
pushed higher on Tuesday, snapping a three day losing streak,
as investors picked up beaten down shares of banks and energy
companies.
 But pervasive worries over euro zone debt limited gains,
with investors hesitant to buy riskier commodity stocks despite
rebounding resource prices. [MET/L] [GOL/]
 "We're still looking at fairly defensive market action,"
said Levente Mady, market strategist at Union Securities.
 "With oil and gold and everything else up, you'd expect the
energy sector to be a little bit stronger and materials to do
well."
 The heavyweight financial sector led the index's gains,
rising 0.88 percent. Toronto-Dominion Bank (TD.TO) added 1.7
percent to C$73.85, while Bank of Nova Scotia (BNS.TO) advanced
1.3 percent to C$51.45.
 Energy issues were up 0.6 percent, lifted by U.S. oil
futures, which rose above $90 to their highest level in five
weeks. Cenovus Energy (CVE.TO) was up 1.9 percent at C$31.90.
[O/R]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 56.65 points, or 0.47 percent, at
12,205.48. Seven of the 10 main sectors were higher.
 The index closed down more than 200 points on Monday on
escalating fears that Greece was on the tipping point of
default.
 "This rollercoaster of volatility will continue until
markets are calmed that Greece's issues are swept under the
rug," said Barry Schwartz, vice-president and portfolio manager
at Baskin Financial Services. 
 Precious metal miners dragged materials down 0.1 percent,
even the price of gold rallied one percent. Goldcorp (G.TO) was
down 2.3 percent at C$51.32, and Kinross Gold (K.TO) fell 0.9
percent at C$16.84.
 Silvercorp Metal (SVM.TO) dropped 20.3 percent to C$6.20
after regulators said they were seeking information from the
author of an anonymous letter accusing the China-focused miner
of fraud. [ID:nS1E78B1IS]
 ($1=$0.99 Canadian)
 (Editing by Jeffrey Hodgson and Rob Wilson)
















Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.