CANADA STOCKS-TSX bounces higher as resource prices firm

Mon Feb 8, 2010 11:41am EST
 
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 * TSX up 43.48 points, or 0.39 pct, at 11,266.60
 * Energy, materials lead market higher
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Feb 8 (Reuters) - Toronto's main stock index
steadily rose on Monday morning as firming oil and metal prices
helped lift Teck Resources (TCKb.TO: Quote), EnCana (ECA.TO: Quote) and other
resource stocks.
 Base metal miner Teck topped the list of heavyweight names
on the upside, climbing 5.6 percent to C$36.11, while EnCana
added 2.1 percent at C$33.22. Canadian Natural Resources
(CNQ.TO: Quote) was up 1.4 percent at C$70.26.
 The move higher was aided by oil prices that held firmly
above $71 a barrel, while gold and base metals were also
stronger. [O/R] [GOL/] [MET/L]
 "One of the reasons we're higher is because we've been so
much lower," Ian Nakamoto, director of research at MacDougall,
MacDougall & MacTier said of investor jitters that sent the
Toronto index down more than 5 percent in January.
 At 11:21 a.m. (1621 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 43.48 points, or 0.39
percent, at 11,266.60.
 Nakamoto said risk aversion swept through global markets
beginning in January as China moved to tighten monetary policy,
U.S. President Barack Obama commented about stricter oversight
of Wall Street banks, and concerns grew about the fiscal health
of some smaller euro zone countries.
 "It's the attitude toward risk," said Nakamoto, adding that
investors were picking up beaten-down stocks.
 Still, worries about Greek sovereign debt and its spillover
effects elsewhere in Europe continued to spur anxiety on
markets around the world on Monday, helping to push down the
Toronto index at the open. [MKTS/GLOB]
 "There are a lot of eyes turned on to Portugal, Spain and
Greece," said Francis Campeau, broker at MF Global Canada in
Montreal. "This is something that won't be resolved
overnight."
 ($1=$1.07 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)