CANADA STOCKS-TSX broadly higher after Fed-inspired selloff
* TSX up 81.34 points, or 0.68 percent, at 12,049.93 * Nine of 10 main index sectors rise * Index had fallen 380 points in past two days By Alastair Sharp TORONTO, June 21 (Reuters) - Canada's main stock index rose on Friday as investors returned to equities after a two-day selloff triggered by concern about the U.S. Federal Reserve's plan to slow its stimulus program. The index was still on track for a drop of more than 1 percent for the week, however. "Our sense is the market is very jittery, very skittish, and as a consequence they're looking more toward the short term," said Irwin Michael, a portfolio manager at ABC Funds. "The markets should have an upward bias, I believe, as the day goes on." Banks were the main movers in Friday's push higher. The country's largest, Royal Bank of Canada, led the way with a 1.1 percent rise to C$59.57. Toronto-Dominion Bank , Bank of Nova Scotia and Bank of Montreal all also notched gains of more than 1 percent. The Toronto Stock Exchange's S&P/TSX composite index was up 81.34 points, or 0.68 percent, at 12,049.93 by mid-morning, with nine of its 10 main sectors rising. It had shed some 380 points in the previous two sessions. "On balance our sense is that our market is a little oversold. The latter part of yesterday was just pandemonium," ABC's Michael said. Heavyweight gold mining stocks Goldcorp Inc and Barrick Gold Corp both added more than 1 percent even though bullion was headed for its sharpest weekly drop in nearly two years. Telecoms companies were also well-represented at the top of the table, with BCE Inc up 1.3 percent at C$43.73, Rogers Communications Inc up 2.1 percent, and Telus Corp gaining 0.8 percent to C$33.74.
© Thomson Reuters 2016 All rights reserved.