CANADA STOCKS-TSX higher on China data, bank capital rules

Mon Sep 13, 2010 10:29am EDT
 
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*TSX up 11.01 points at 12,108.10

*Resources, banks lead TSX higher (Adds details, quote)

By Jennifer Kwan

TORONTO, Sept 13 (Reuters) - Toronto's resource-heavy index climbed on Monday morning as Chinese economic data released over the weekend boosted confidence in economic recovery, while markets welcomed an agreement on new global rules for bank capital reserves.

Energy and mining shares got a boost as prices for oil and base metals rose on data that showed strong Chinese demand growth and industrial output. ID:nTOE68A00H [MKTS/GLOB]

Canadian Natural Resources (CNQ.TO: Quote) rose 0.4 percent to C$34.32, and Teck Resources TCKb.TO was up 2.7 percent at C$40.30.

"The Chinese August data package has reassured the market about the global recovery and has been positive for commodity markets this morning," said Fergal Smith, managing market strategist at Action Economics.

Oil prices topped $77 a barrel and copper and other base metals climbed. [O/R] [MET/L]

Also suporting the market was a deal by global bank regulators meeting in Switzerland. Aiming to prevent a repeat of the international credit crisis, regulators agreed over the weekend on new capital rules that, while tighter than before, were not as harsh as some had feared. [ID:nLDE68BOJE]   Continued...