3 Min Read
* 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.