CANADA STOCKS-Energy, banks push TSX higher on Cyprus bailout deal hopes

Fri Mar 22, 2013 11:39am EDT

* TSX rises 47.59 points, or 0.37 percent, to 12,795.46
    * All 10 major sectors advance
    * BlackBerry shares climb 4 percent on U.S. launch

    By John Tilak
    TORONTO, March 22 (Reuters) - Canada's main stock index
advanced on Friday, led by energy and financial shares, as
investors hoped Cyprus will strike a bailout deal before a
looming deadline.
    The European Central Bank gave Cyprus until Monday to raise
billions of euros to secure an international bailout, which
could help the country avert a banking meltdown and default.
With the Parliament having rejected one deal, the stage is set
for a hectic weekend of negotiations. 
    The Cyprus predicament has highlighted risks to the economic
recovery in the broader euro zone, and investors fear that the
failure to cut a deal could have a ripple effect in other
countries.
    For now, investors are assuming that lawmakers in the island
will work this out somehow. The Toronto market rose after
declining in three of the previous four sessions.
    "People seem to have become more optimistic as the week has
progressed," said Colin Cieszynski, senior market analyst at CMC
Markets.
    Investors are taking an approach that the negotiators will
"come up with a new bailout plan and not just let the whole
thing spiral out of control," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 47.59 points, or 0.37 percent, at 12,795.46.
All the 10 main sectors on the index were higher.
    Financials, the index's weightiest sector, gained 0.5
percent. Royal Bank of Canada, the country's biggest
bank, added 0.9 percent to C$61.27. 
    Energy stocks climbed 0.4 percent on the back of a jump in
the price of oil. 
    Enbridge Inc rose 2.8 percent to C$47.19.
    The market was also supported by a 4 percent rise in
BlackBerry to C$17.14 as the smartphone maker began
selling its long-awaited Z10 touch-screen device in the United
States. 
    The materials group, which includes mining stocks, gained
0.3 percent, with gold producers reversing their early losses. 
    In company news, First Quantum Minerals Ltd said on
Friday it secured enough shareholder support to take over Inmet
Mining Corp, sealing a C$5.1 billion ($4.98 billion)
deal that gives it control of one of the world's largest
untapped copper deposits. First Quantum shares were down 2.3
percent.
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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