CANADA STOCKS-TSX buoyed by commodities, Greece deal

Mon May 3, 2010 10:54am EDT
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*TSX up 43.52 points at 12,254.22

*Financial, energy sectors lead index higher

By Claire Sibonney

TORONTO, May 3 (Reuters) - Toronto's main stock index was higher on Monday morning as strengthening oil prices and relief that the Greek debt debacle had been stabilized by a record bailout boosted heavily financial and energy shares.

The index's energy sector was up 0.7 percent as Suncor Energy Inc (SU.TO: Quote), Canada's biggest oil company, gained 0.5 percent to C$34.93 and EnCana Corp (ECA.TO: Quote), the country's largest producer of natural gas, edged 0.3 percent higher to C$33.69.

Oil rose above $86 a barrel, but concerns about the oil spill in the United States threatened to pressure prices.

"You've got commodities a little bit better here today and the market has just got a little bit of a bounce back in it," said Bruce Latimer, a trader at Dundee Securities, Latimer said.

Among financial shares, Royal Bank of Canada (RY.TO: Quote), the country's biggest lender, jumped 1.4 percent to C$62.47, while No. 2 Toronto-Dominion Bank (TD.TO: Quote) rose 0.9 percent to C$76.21.

The index's financial group as a whole rose 0.8 percent as a German official said on Monday that Greece may not even need to take advantage of the full volume of a 110 billion euro ($146 billion) bailout package agreed to by the euro zone and International Monetary Fund. [ID:nBAT005388],   Continued...