CANADA STOCKS-Teck helps lead TSX higher in quiet session

Fri Jul 3, 2009 11:15am EDT
 
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* 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: Quote) 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.   Continued...