June 2, 2010 / 2:58 PM / 7 years ago

CANADA STOCKS-Energy shares lead TSX up, Bombardier supports

3 Min Read

   * TSX up 45.62 points, or 0.39 percent, at 11,617.59
 * Energy, mining shares lead the upside
 * Bombardier rises 4.6 pct after results  (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, June 2 (Reuters) - Toronto's main stock index rose on Wednesday morning, supported by strength in resource-linked issues and by Bombardier, which reported forecast-topping quarterly results.
 Influential names on the upside included Suncor Energy (SU.TO), up 1.9 percent at C$32.39, and Canadian Natural Resources (CNQ.TO), which rose 1.9 percent to C$35.83.
 Energy stocks, up 1.2 percent, climbed as investors picked up beaten-down shares following the sector's 3.3 percent tumble in the previous session, said Francis Campeau, a broker at MF Global Canada in Montreal.
 Campeau added the rally could also be linked to BP Plc as it mounted another effort to curb the flow of oil spewing into the Gulf of Mexico, while the U.S. government launched criminal and civil investigations into the disaster. [ID:nN02139553] [nSPILL]
 "I think it's BP-related," said Campeau. "Canada's production might be perceived as a bit safer than U.S. Gulf-based production."
 At 10:25 a.m. (1425 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 45.62 points, or 0.39 percent, at 11,617.59, with most of its 10 main groups higher.
 Other top names leading the gains included Bombardier Inc (BBDb.TO), which climbed 4.6 percent to C$4.82. The world's No. 3 civil aircraft maker reported a lower quarterly profit on Wednesday, but the results beat market expectations. [ID:nSGE6510EC]
 Financials gained 0.2 percent, with Bank of Nova Scotia (BNS.TO) up 0.9 percent at C$49.94. Canada's No. 3 bank, which reported quarterly profit that was ahead of market expectations on Tuesday, capped a mixed earnings season for the country's big lenders. [ID:nN28202192]
 Mining issues added to the upside, with the subgroup rising 2.2 percent, with Teck Resources TCKb.TO up 3.4 percent at C$35.02.
 The TSX briefly slipped into the red shortly after the open on weakness in gold miners, before bouncing higher. [GOL/]
 Barrick Gold (ABX.TO) fell 0.7 percent to C$44.60 and Kinross Gold (K.TO) slid 1.4 percent to C$17.86.
 ($1=$1.04 Canadian)  (Reporting by Jennifer Kwan; editing by Rob Wilson)                                       

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