Toronto stocks climb, Royal Bank of Canada leads

Wed May 14, 2008 9:48am EDT
 
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TORONTO May 14 (Reuters) - The Toronto Stock Exchange's main index staged a modest rise early on Wednesday, with financial stocks leading the way after U.S. inflation rose only modestly last month.

The S&P/TSX composite index .GSPTSE was up 44.73 points, or 0.3 percent, at 14,661.43, with the financial sector adding 0.8 percent.

Royal Bank of Canada (RY.TO: Quote), the country's biggest bank, led all stocks after it detailed the writedowns it expected to take in the second quarter, because of market conditions. See: [nN14461834]

RBC climbed 55 Canadian cents to C$49.17. Research In Motion RIM.TO, the BlackBerry maker, was also among the top weighted gainers, up C$2.36 at C$143.36.

Consumer price data showed the inflation rate was less than expected in the United States, Canada's biggest trading partner, leaving the door open for the Federal Reserve to cut interest rates yet again. ($1=$1.00 Canadian; Editing by Scott Anderson) (Reporting by Jonathan Spicer)