TSX advances as energy, bank shares gain

Wed Feb 11, 2015 4:29pm EST
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By John Tilak

TORONTO (Reuters) - Canada's main stock index ended higher on Wednesday as gains in the energy and financial sectors helped offset uncertainty surrounding discussions on a Greek debt deal.

A meeting between Greek Finance Minister Yanis Varoufakis and his euro zone peers was under way and comes after the country's new leftist-led government won a parliamentary confidence vote on its refusal to extend an international bailout.

The benchmark TSX has gained in each of the last three sessions and is up about 3.3 percent so far this month, rebounding after a sluggish start this year.

"Despite the uncertainties, the market is displaying quite a bit of resilience being at these levels," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.

"You tend to see this kind of choppiness at turning points," he added. "It could indicate that the market could be coming to terms with the lower oil price and the focus now is the value that some of these energy producers offer."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 38.98 points, or 0.26 percent, at 15,151.50. Six of the 10 main sectors on the index ended higher.

Financials, the index's most heavily weighted sector, gained 0.4 percent. Bank of Nova Scotia (BNS.TO: Quote) added 0.6 percent to C$65.87, and Toronto-Dominion Bank (TD.TO: Quote) advanced 0.8 percent to C$55.

Among shares of oil producers, Canadian Natural Resources Ltd CNQ.TO added 0.8 percent to C$38.93 and Suncor Energy Inc (SU.TO: Quote) gained 0.2 percent to C$38.49.   Continued...

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch