CANADA STOCKS-TSX gets modest boost from bank rally

Mon Oct 5, 2009 10:26am EDT
 
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 * TSX up 23.23 points at 10,981.56
 * Bank shares headline modest uptick
 * Early rise follows two-week skid
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 5 (Reuters) - Toronto's main stock index was
slightly higher on Monday morning after a back-and-forth start
to the session as investors tip-toed back into the market after
a two-week slide.
 Bank shares that were unloaded last week helped power the
early gain. Shares of Bank of Nova Scotia (BNS.TO: Quote) were up 0.8
percent at C$46.48, while Bank of Montreal (BMO.TO: Quote) shares rose
0.6 percent to C$52.13.
 The modest uptick in the TSX follows a two-week skid during
which the index shed 4.3 percent and touched its lowest level
in a month. That opened the door to some buying by investors
who were optimistic that upcoming data and corporate news will
paint an upbeat economic picture.
 Shares of Ivanhoe Mines (IVN.TO: Quote) also helped to prop up the
index as the company, after years of negotiations, is expected
to sign an investment agreement with Mongolia on Tuesday that
will allow it to develop the Oyu Tolgoi copper and gold
deposit. [ID:nPEK216609]
 Ivanhoe shares were up 3.5 percent at C$14.11.
 At 10:15 a.m. (1415 GMT), the S&P/TSX composite index
.GSPTSE was up 23.23 points, or 0.21 percent, at 10,981.56.
 "We've really been going down for a while and people are
looking ahead and thinking that October is not going to be the
bad or brutal month that we always seem to anticipate," said
Sal Masionis, stockbroker at Brant Securities.
 "Usually bottoms are made in October. We've been drifting
down for a while and now there is just a little bit of
enthusiasm for equities."
 (Reporting by Frank Pingue;  editing by Peter Galloway)