CANADA STOCKS-TSX extends gains as banks, industrials climb

Mon May 6, 2013 5:01pm EDT
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* TSX rises 15.89 points, or 0.13 percent, to 12,453.92
    * Five of 10 main sectors advance
    * Penn West jumps 5 percent after naming directors
    * Onex climbs after making takeover move

    By John Tilak
    TORONTO, May 6 (Reuters) - Canada's main stock index climbed
for a third straight session on Monday as financial and
industrial shares gained, and energy companies' stocks rallied
after oil prices rose on Middle East tensions.
    A jump in Penn West Petroleum Ltd also supported
the market after the oil and gas producer named two industry
veterans to its board. 
    But the market's gains were capped by weakness in the
consumer staples sector.
    "You're seeing some appetite for risky assets," said Elvis
Picardo, strategist and vice president of research at Global
Securities in Vancouver.
    "You're seeing some money gravitate from the typically
defensive sectors like the staples to slightly more cyclical
names," he added. "Certainly the banks would be on the top of
that list for anyone who is thinking of making that move." 
    The Toronto Stock Exchange's S&P/TSX composite index
 gained 15.89 points, or 0.13 percent, to 12,453.92. 
    Still, the benchmark index is barely up for the year, badly
underperforming its record-breaking U.S. peers since the start
of 2013.
    "Things will get better in Canadian equity markets" as the
year progresses, said Arthur Salzer, executive director and
chief executive at Northland Wealth Management. 
    "We really haven't done much in the last five to six months,
and we think there will be slightly better times ahead." 
    Five of the index's 10 main sectors were higher.
    Shares of oil and gas companies were up 0.1 percent, helped
by a rise in the price of Brent crude. 
    Penn West jumped 5.1 percent to C$9.99 after the company
named former Suncor Energy Inc CEO Rick George and
former Canadian Natural Resources Ltd Chairman Allan
Markin to its board. 
    Financials, the index's most heavily weighted sector, rose
0.3 percent, and industrials added 0.7 percent. But consumer
staples fell 0.8 percent. 
    Shares of private equity firm Onex Corp were up
after it said it would buy market research company Nielsen
Holdings NV's expositions business for $950 million in
cash. Onex shares climbed 0.4 percent to C$49.80.