CANADA STOCKS-TSX up for fourth day, Potash Corp rallies

Tue Jan 5, 2010 4:53pm EST
 
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 * TSX ends up 0.18 percent at 11,888.08
 * Potash Corp raised to "outperform"; shares up 5 pct
 * All five big banks fall
 (Adds details)
 TORONTO, Jan 5 (Reuters) - Toronto's main stock index ended
at a 15-month high on Tuesday, led by a rally in shares of
Potash Corp of Saskatchewan POT.TO after the big fertilizer
company was upgraded to "outperform" [ID:nSGE6040FR]
by Credit Suisse.
 Potash Corp was the leading heavyweight advancer all
through the session. It ended up 5.41 percent at C$123.00,
which helped the TSX index reach its highest level since
September 2008 and record its fourth straight higher close.
 Prices for precious metals and crude oil were also higher,
and while gold cut initial gains to turn lower, the overall
tone to the index's energy and materials groups was solidly
higher, and they rose 0.24 percent and 1.76 percent,
respectively.
 "There's follow-through buying from yesterday. The fact
that the U.S. dollar is lower seems to help," said Elvis
Picardo, analyst and strategist at Global Securities in
Vancouver.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 21.18 points, or 0.18 percent, at
11,888.08.
 Financials were the loss leaders. Analysts cited
profit-taking after the sector ran up sharply in December,
while disappointing U.S. home sales data chipped away at
sentiment about economic recovery.
 Royal Bank of Canada RY.TO was the biggest drag on the
index, falling 1.5 percent to C$55.75.
 ($1=$1.04 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)