* TSX rises 66.61 points, or 0.54 percent, to 12,379.36
* Financial, material stocks lead rally
* Relief among some investors storm damage wasn't worse
* Yamana climbs after maintaining production outlook
By John Tilak
TORONTO, Oct 30 Toronto's main stock index rose
on Tuesday, led higher by financial and energy stocks on lighter
than usual volumes, as investors sought to gauge the impact of
monster storm Sandy on the United States.
Sandy, one of the biggest storms to ever hit the country,
left at least 18 people dead and caused significant power
disruptions, though some market players had expected even more
"It's a pretty broad-based move. It reflects some relief
that the storm hasn't caused as much damage as people had
expected," said Elvis Picardo, strategist and vice president of
research at Global Securities in Vancouver.
After opening lower, the Toronto Stock Exchange's S&P/TSX
composite index was up 66.61 points, or 0.54 percent,
at 12,379.36 by midafternoon.
The index at one point hit 12,390.48, its highest level
since Oct. 23. All the ten main subgroups within the index were
Financials, up 0.6 percent, played the biggest role of any
sector in lifting the market, led by Royal Bank of Canada
, up 0.85 percent to C$56.83.
Materials stocks were up 0.9 percent, helped by gains in
gold companies. Goldcorp Inc was up 1.5 percent at
C$45.32. Barrick Gold Corp rose 1.29 percent
Yamana Gold Inc shares rose more than 3 percent
after the miner on Monday reported results, maintained its
production outlook for the year and said its development
projects are on time and on budget.
ENERGY STOCKS CLIMB
Some energy stocks were also among the biggest gainers.
Suncor Energy Inc was up 1.51 percent at C$33.60,
playing the biggest role of any one stock in leading the market
Canadian Oil Sands Ltd also supported the move
higher. Its shares were up 3 percent at C$21.19 after the
company posted a 40 percent rise in third-quarter profit.
The energy sub group, one of the biggest on the index, was
up 0.74 percent. Investors bought energy shares even though
Brent crude prices fell.
"It's a reminder that stuff happens, whether it is an act of
God like Hurricane Sandy or Katrina, or alternatively political
uncertainty like the Iranian situation in the Persian Gulf,"
said Gavin Graham, president of Graham Investment Strategy.
However, the Canadian market felt the effect of the closure
of U.S. stock markets for the second straight day as trading
volumes were light.
"The disruption caused by the storm with the closure of the
financial markets in the United States is having the major
effect," Graham said. "Given how lackluster the trading is, how
low the volumes are, people are very reluctant to take
By mid-afternoon, volume on the Toronto exchange was a
sparse 74 million, versus the 356.4 million daily average in
September, the last complete month of statistics provided by the