TSX hits one-week high as investors assess Sandy hit

Tue Oct 30, 2012 5:04pm EDT
 
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By John Tilak

TORONTO (Reuters) - Toronto's main stock index rose on Tuesday led by materials stocks, though volume was lighter than usual, as investors sought to gauge the impact of storm Sandy on the United States.

Sandy, one of the biggest storms to ever hit the country, left at least 30 people dead and caused significant power disruptions, though some market players had expected even more devastation. <MKTS/GLOB>

"It's a pretty broad-based move," Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver, said of the market's rise. "It reflects some relief that the storm hasn't caused as much damage as people had expected."

After opening lower, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended the day up 64.30 points, or 0.52 percent, at 12,377.05.

The index touched a one-week high of 12,395.43, while all but one of the 10 main index subgroups were positive.

Financials, which make up nearly one-third of the index, rose 0.44 percent, led by insurer Manulife Financial (MFC.TO: Quote), up 1.1 percent at C$12.27.

After markets closed, Manulife said its exposure to Sandy was manageable and within its risk tolerance.

Materials stocks rose 1 percent rise. Yamana Gold (YRI.TO: Quote) gained 3.8 percent at C$19.48, after the gold miner maintained its production outlook for the year and said its development projects are on time and on budget.   Continued...

 
A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch