CANADA STOCKS-TSX rises on resources but Royal Bank falters

Wed Mar 3, 2010 11:05am EST
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* TSX rises 0.2 percent to 11,851.91

* Materials, energy gain on higher commodity prices

* Bank results mixed, Royal Bank falls, Laurentian gains

By Ka Yan Ng

TORONTO, March 3 (Reuters) - Toronto's main stock market index rose on Wednesday as resource issues were boosted by a rally in oil and gold prices but gains were tempered by soft financials after weaker than expected results from Royal Bank of Canada RY.TO.

Energy shares were on the rise as the price of oil advanced above $80 a barrel, pushing Suncor Energy (SU.TO: Quote), Canada's biggest oil company, up 1.7 percent to C$31.54.

Gold-mining stocks added to Tuesday's gains after the price of the precious metal hit a 6-1/2 week high. Goldcorp G.TO rose 1.6 percent to C$41.36, while Yamana Gold (YRI.TO: Quote) gained 1.87 percent to C$11.42.

At 10:45 a.m. (1545 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 23.60 points, or 0.2 percent, at 11,851.91. Half of the index's 10 main groups were higher, led by a 1.21 percent rise in materials and a 0.44 percent advance in energy. Financials fell 0.2 percent.

"Commodities are carrying the day," said Michael Sprung, president at Sprung & Co. Investment Counsel.   Continued...