June 22, 2015 / 3:28 PM / in 2 years

CANADA STOCKS-TSX rallies on Greece hopes; financials lead gains

(Adds details, commentary, market moves throughout)

* TSX up 121.3 points, or 0.83 percent, to 14,774.42

* Nine of the TSX's 10 main groups rise

TORONTO, June 22 (Reuters) - Canada's main stock index rallied broadly on Monday, bolstered by market optimism that an eleventh-hour deal could be reached between debt-laden Greece and its creditors.

Global markets, which had been growing increasingly nervous over the possibility Greece will default and the surrounding uncertainty, cheered on Monday on signs of a deal emerging from last-minute meetings.

"Going into June, markets really didn't believe Greece might default and leave the European Union, but over the last 10 days it had become a very realistic probability," said Julie Brough, vice president at Morgan Meighen & Associates.

"Now, with a new proposal ... You're getting a tentative rally off of that, though clearly not recovering everything that we've lost over it."

The most influential movers on the index were Royal Bank of Canada, which rose 1.30 percent to C$77.82, and Bank of Nova Scotia, which advanced 1.6 percent to C$65.37.

The financials group, which Brough noted was among the interest-sensitive sectors seeing a rebound, climbed 1.1 percent.

At 11:16 a.m. EDT (1516 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 121.3 points, or 0.83 percent, to 14,774.42.

Of the index's 10 main groups, nine were in positive territory. Advancing issues outnumbered declining ones on the TSX by 167 to 69, for a 2.42-to-1 ratio on the upside.

Only the materials group, home to mining firms, retreated, hurt in part by copper prices that slipped on demand concerns and gold prices that fell more than 1 percent over Greece, which curbed safe-haven demand for the metal. The group was off 0.2 percent.

Gold futures fell 1.5 percent to $1,183.7 an ounce, while copper prices declined 0.2 percent to $5,649 a tonne.

Three of the 5 most influential decliners were gold mining firms. Barrick Gold Corp's shares fell 2.3 percent to C$13.76.

South of the border, Wall Street also rallied, with the Nasdaq Composite index hitting a new record high of 5,156.98. (Reporting by Solarina Ho; Editing by Grant McCool)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below