February 2, 2010 / 3:54 PM / 8 years ago

CANADA STOCKS-TSX rises on US data, but Suncor, Rogers weigh

* TSX rises 0.31 percent to 11,352.40

* Financial, infotech groups lead gainers

* Suncor the big heavyweight decliner after results

* Goldman Sachs adds Rogers to “conviction sell” list (Adds details, commentary)

TORONTO, Feb 2 (Reuters) - Toronto’s main stock index rose on Tuesday morning, supported by in-line U.S. pending home sales data and despite pressure from disappointing quarterly results from Suncor Energy (SU.TO) and from Rogers Communications (RCIb.TO), which was hit with a sell rating.

Pending sales of previously owned U.S. homes edged up in December as expected, a survey showed, helping to calm fears of renewed weakness in the troubled U.S. housing sector. [ID:nN02203495] “Pending homes look pretty much in line,” said Francis Campeau, broker at MF Global Canada, in Montreal.

Royal Bank of Canada rose 0.85 percent to C$53.27. Thomson Reuters, which was upgraded to “top pick” from “outperform” by RBC Capital Markets, rose 2.5 percent to C$36.93.

At 10:22 a.m. (1522 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 34.85 points, or 0.31 percent, at 11,352.40.

Suncor, Canada’s largest energy company, reported fourth-quarter earnings that were below Wall Street expectations due to weaker than expected results from its natural gas unit and its international operations. [ID:nN01209333]

Suncor led the index’s heavyweight decliners with a 3.5 percent drop to C$33.65.

Goldman Sachs added Rogers Communications to its “conviction sell” list, saying the Canadian company faces slowing growth and an increased risk profile due to competitive threats. [ID:nSGE6110GA]

That sent shares of Canada’s biggest wireless carrier down 2.4 percent to C$32.75, making it the second biggest heavyweight decliner. [RCH/CA]

$1=$1.06 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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