CANADA STOCKS-TSX edges higher after Greek election results

Mon Jan 26, 2015 4:31pm EST
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* TSX up 18.48 points, or 0.13 percent, at 14,797.83

* Seven of 10 main index sectors advance

* Gold miners climb despite bullion weakness

By John Tilak

TORONTO, Jan 26 (Reuters) - Canada's main stock index edged higher on Monday, up for a fourth straight session, as investors reacted tentatively to the leftist Syriza party's victory in the Greek election and its demands for a restructuring of the country's international debt.

Greek leftist leader Alexis Tsipras was sworn in on Monday as the prime minister of a new anti-bailout government and promised the austerity imposed by international creditors for the past five years was over.

The benchmark TSX's modest advance came after a week in which it recorded its biggest gain in six weeks. The recovery has helped reverse recent weakness due to a drop in oil prices, triggered by concerns about increasing supply and sluggish demand.

The imbalance in the supply-demand equation for oil could become more favorable over time, said Craig Bethune, portfolio manager at Manulife Asset Management's global natural resources equity team.

"When you start to see the rate of change in supply and you see more of the rigs being laid down, the market will get a little more positive on the (energy) stocks," he said.   Continued...