CANADA STOCKS-TSX ends 2-day slide as energy and banks gain

Wed Apr 13, 2011 4:38pm EDT
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 * TSX ends up 32.24 points at 13,833.64
 * Eight of 10 sectors stronger
 (Updates to close, adds details, quotes)
 By Claire Sibonney
 TORONTO, April 13 (Reuters) - Toronto's main stock index
eked out a modest gain on Wednesday, following two days of
heavy losses, as energy and financial issues advanced, but
continued uncertainty over commodity prices and global growth
kept investors cautious.
 Financial shares, up 0.6 percent, led the pack, boosted by
better-than-expected results from U.S. bank JPMorgan Chase.
[ID:nN13262333]  Among the top gainers, Royal Bank of Canada
RY.TO climbed 1 percent to C$60.42.
 The index's energy group pushed up 0.1 percent as U.S.
crude oil prices ended a two-session slide, lifted in volatile
trade by data showing U.S. gasoline stockpiles plunged last
week and by continued worries about the Libyan conflict. [O/R]
 Suncor Energy SU.TO was up 0.1 percent at C$42.09,
Canadian Oil Sands Trust COS.TO rose 0.3 percent to C$31.12,
and Encana ECA.TO closed 0.4 percent higher at C$31.73.
 Base-metals miners fell 1.1 percent, tracking weaker copper
prices after data showed U.S. auto sales fell and reports said
China would make further efforts to quell inflation. [MET/L]
 Diversified miner Teck Resources TCKb.TO was down 1.9
percent at C$50.90, while First Quantum Minerals FM.TO fell
2.9 percent to C$121.30.
 "The very fact that the miners are down says something
about what's going on in terms of investors' psychology towards
the global economy," said Ian Nakamoto, director of research at
MacDougall, MacDougall & MacTier.
 "If it was the Canadian financials, it would be a different
story, it would be a reflection of the Canadian economy."
  The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 32.24 points, or 0.23 percent, at 13,833.64.
Eight of its 10 main sectors were higher. The gold-mining
sub-sector was off 0.4 percent, despite a slight uptick in the
price of bullion. [GOL/]
 Earlier in the day, the index rose more than 1 percent as
oil prices gained.
 "The fact that we opened strongly and gave back some, and
(then) coming back, to me it says it's just a lot of
uncertainty," Nakamoto said. "If everyone was on the same page
we probably would have regained yesterday's loss."
 Market watchers said bargain-hunting was in play after the
index lost more than 400 points on Monday and Tuesday.
 "Today, bargain hunters are trying to nibble in the
markets, but (without) conviction just yet," said Francis
Campeau, a broker at MF Global Canada, in Montreal.
 Shaw Communications SJRb.TO dropped 3.4 percent to
C$19.80 after investors reacted to delays in its deployment of
its wireless service and troubles in keeping cable subscribers
as it eases off promotions. [ID:nN11302208]
 Gildan Activewear GIL.TO rallied 3 percent to C$33.80,
after Scotia Capital became the latest brokerage to raise its
share-price target on the T-shirt maker. The company built on
gains made after announcing earlier this week that it would buy
U.S.-based sock maker Gold Toe Moretz Holdings.
  ($1=$0.96 Canadian)
 (Additional reporting by Ka Yan Ng; editing by Peter