CANADA STOCKS-TSX edges higher as financials get boost

Mon Jul 13, 2009 12:28pm EDT
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* TSX up 0.15 percent at 9,762.15

* Financials up 1.38 percent

* Materials sink 0.62 percent (Adds details, quote)

By Nina Lex

TORONTO, July 13 (Reuters) - Toronto's main stock index turned positive late on Monday morning after sliding more than 1 percent earlier in the day as financial shares rose after a prominent U.S. banking analyst upgraded Goldman Sachs Group Inc GS.N.

The financials sector, which accounts for about 30 percent of the TSX index, was up 1.38 percent after analyst Meredith Whitney upgraded Goldman to a "buy" rating. [ID:nBNG121776]

"Meredith Whitney seems to be the financial analyst that people pay attention to," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax. "It will give the market a bit of a lift in the financial sector. But it probably will be a one-day event."

Royal Bank of Canada RY.TO was the index's biggest heavyweight advancer, up 2.26 percent to C$46.10.

Bank of Nova Scotia BNS.TO rose 1.43 percent to C$41.05, and Toronto-Dominion Bank TD.TO was up 1.27 percent at C$57.54.   Continued...