June 16, 2010 / 8:56 PM / in 7 years

CANADA STOCKS-TSX closes with small gain after see-saw day

* TSX up 13.51 points at 11,921.05

* Five of TSX’s 10 main groups higher

* Magna falls 5.5 percent after OSC challenge (Adds details)

By Jennifer Kwan

TORONTO, June 16 (Reuters) - Toronto’s main stock index closed slightly higher after a choppy session on Wednesday, extending Tuesday’s 2 percent rally.

Heavyweight gainers included First Quantum Minerals (FM.TO), which climbed 3.6 percent to C$62.25, and Potash Corp of Saskatchewan (POT.TO), up 0.2 percent at C$104.41.

Royal Bank of Canada (RY.TO), the country’s biggest lender, edged 0.5 percent higher to C$54.96, and Bank of Nova Scotia (BNS.TO) rose 0.2 percent to C$51.48. Suncor Energy (SU.TO) climbed 1.1 percent to C$34.87, while Barrick Gold (ABX.TO) rose 0.7 percent to C$44.34.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the day up 13.51 points, or 0.11 percent, at 11,921.05, with half of its 10 main groups higher. The higher close came after the index see-sawed through the day without much conviction.

“There’s a little bit of a tug-of-war between the bears and bulls,” said Luciano Orengo, portfolio manager at MFC Global Investment Management.

He said lower than expected U.S. housing starts data pressured the market lower, while news that BP Plc agreed to a $20 billion fund for spill claims brought a degree of certainty to its liability, brightening market sentiment and helping U.S. stocks fight back from their early fall. [TOP/NEWS]

On Tuesday, the Toronto index rose 240 points, or 2 percent, as optimism over Europe’s debt outlook whetted risk appetite and lifted commodity prices and financial issues.

“It’s a consolidation day,” said Bruce Latimer, a trader at Dundee Securities, said of Wednesday’s market action.

In company news, Magna International’s MGa.TO controversial plan to eliminate its dual class share structure ran into an additional hurdle with the Ontario Securities Commission challenging the proposal. Magna’s shares skidded 5.5 percent to C$69.30. [ID:nN16135020]

Bombardier Inc (BBDb.TO), which was up 2.3 percent at C$4.94, said it would start delivery of double-deck trains to Swiss Federal Railways in 2012 under a 1.8 billion Swiss franc ($1.6 billion) contract. [ID:nSGE65F0CD]

The blue chip S&P/TSX 60 index .TSE60 closed 0.72 points, or 0.1 percent, higher at 701.28.

$1=$1.02 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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