CANADA STOCKS-TSX bounces higher on China moves; Pacific Rubiales plunges

Thu Jul 9, 2015 11:21am EDT
 
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(Adds quote and updates market action)

* TSX up 42.89 points, or 0.3 percent, at 14,454.96

* Seven of the TSX's 10 main groups rise

By Solarina Ho

TORONTO, July 9 (Reuters) - Canada's main stock index regained some ground on Thursday after Wednesday's bruising retreat, but it was off session highs as energy and mining stocks gave up early gains, undermining stronger financial stocks.

A sharp drop in oil prices and risk aversion sparked by an equities selloff in China had sent the TSX down nearly 1.5 percent on Wednesday, but moves by Beijing to stem the country's stocks rout helped calm markets on Thursday.

"It's the proverbial dead-cat bounce. After days of worries, the market's in a relief rally on the heels of New York and hopes that we get a respite on everything from China to Greece," said John Ing, president of Maison Placements Canada.

"But those issues still fester...We're in uncharted waters as far as the Greece exit, and the (Chinese) market collapse is only 30 percent after a 150 percent gain."

Helping to keep the Toronto stock market's benchmark index in positive territory were Royal Bank of Canada, which rose 0.94 percent to C$76.31, and Manulife Financial Corp , which advanced 0.9 percent to C$22.90.   Continued...