June 16, 2010 / 7:00 PM / 7 years ago

CANADA STOCKS-Resources, banks aid TSX move higher

2 Min Read

* TSX up 22.37 points, or 0.19 percent, at 11,929.91

* Seven of TSX's 10 main groups higher (Updates to afternoon, adds quotes)

By Jennifer Kwan

TORONTO, June 16 (Reuters) - Toronto's main stock index rose on Wednesday afternoon, extending the previous session's 2 percent rally, as heavyweight names in the resource and financial sectors helped lead the market higher.

Royal Bank of Canada (RY.TO), the country's biggest lender, edged 0.3 percent higher to C$54.87, while Bank of Nova Scotia (BNS.TO) rose 0.3 percent to C$51.55. Suncor Energy (SU.TO) climbed 0.8 percent to C$34.76, while Barrick Gold (ABX.TO) rose 1.1 percent to C$44.49.

At 2:30 p.m. (1830 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 22.37 points, or 0.19 percent, at 11,929.91, with seven of its 10 main groups higher.

For most of the day, the resource-heavy index teetered between positive and negative territory, with not much conviction driving it in either direction.

On Tuesday it rose 240 points or 2 percent as optimism over Europe's debt outlook and increased risk appetite lifted commodity prices and financial issues.

"It's a consolidation day," said Bruce Latimer, a trader at Dundee Securities, adding he expects the market to essentially drift for the remainder of Wednesday's session.

Latimer added that U.S. stocks got a lift on Wednesday after BP Plc (BP.L) agreed to put about $20 billion into a fund to cover claims resulting from the Gulf of Mexico oil spill, helping to lift market sentiment. [MKTS/GLOB] [ID:nN15112656]

The rebound offset fresh concerns about Spain's credit and banking sector outlook. [ID:nLDE65F0GD] [ID:nN16166627]

$1=$1.02 Canadian Reporting by Jennifer Kwan; editing by Rob Wilson

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