CANADA STOCKS-Resource stocks help TSX move higher

Tue Jun 2, 2015 11:08am EDT
 
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(Adds strategist comment, updates prices)

By Alastair Sharp

TORONTO, June 2 (Reuters) - Canada's main stock index rose on Tuesday as higher commodity prices helped resource-related stocks, and financial issues gained.

The most influential gainers on the index included First Quantum Minerals Ltd, which gained 6.4 percent to C$17.33, and Teck Resources Ltd, which advanced 6.0 percent to C$15.30. The overall materials group climbed 1.4 percent.

At 10:42 a.m. EDT (1442 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 55.09 points, or 0.37 percent, to 15,129.22.

Advancing issues outnumbered decliners on the TSX by 170 to 73, for a 2.33-to-1 ratio on the upside.

Financial stocks moved 0.6 percent higher, with Royal Bank of Canada up 0.7 percent at C$79.36 and Toronto-Dominion Bank gaining 0.5 percent to C$54.48.

U.S. crude oil prices were up 1.0 percent to $60.80 per barrel, while Brent crude added 0.6 percent to $65.28.

While a rise in crude prices helped the energy group increase 1 percent, a feeling that gains could be hitting a ceiling have some analysts feeling bearish about Canadian equities.   Continued...