July 3, 2009 / 3:17 PM / in 8 years

CANADA STOCKS-Teck helps lead TSX higher in quiet session

* TSX up 0.31 percent at 10,277.24

* Teck climbs 3.3 percent after China deal

* Thin trading with U.S. markets closed (Adds details, quote)

By Nina Lex

TORONTO, July 3 (Reuters) - Toronto’s main stock index rose on Friday morning, boosted in part by Teck Resources Ltd’s TCKb.TO equity sale to China Investment Corp.

Teck said on Friday it will sell a 17.2 percent stake to state-owned CIC through a private placement that will raise C$1.74 billion ($1.5 billion). [ID:nN03153079]

Teck shares rose 3.3 percent to C$19.19 and helped boost the broader materials sector, which climbed 0.75 percent.

“The main story on a very quiet with no volume day is the Teck story,” said Francis Campeau, a broker at MF Global Canada in Montreal. “It has been interpreted by the market as a positive.”

At 10:27 a.m. (1427 GMT), the S&P/TSX composite index .GSPTSE was up 31.33 points, 0.31 percent, at 10,277.24 Six of its 10 main groups were higher. Trading was thin with influential U.S. markets closed to observe the Independence Day holiday.

Financials rose 0.62 percent after the sector fell for two straight sessions. Manulife Financial (MFC.TO) was up 1.06 percent at C$20.03.

On the downside, the big energy sector fell 0.05 percent as the price of oil dropped below $67 a barrel [ID:nSYD475678]. Petro-Canada PCA.TO was down 0.48 percent at C$41.76 and Suncor Energy (SU.TO) sagged 0.33 percent to C$33.07.

Activity in Toronto, which often takes its cue from U.S. equities, was expected to remain subdued throughout the day, given the U.S. holiday.

“I think it is going to be extremely quiet today,” Rick Hutcheon, president and chief operating officer at RKH Investments.

$1=$1.16 Canadian Additional reporting by Jennifer Kwan; editing by Rob Wilson

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