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: Quote).

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...