CANADA STOCKS-TSX buoyed by financials, RIM; resources weak

Tue May 17, 2011 11:15am EDT
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   * TSX up 35.26 points, or 0.26 percent, at 13,426.61
 * Seven of the 10 main groups higher
 * RIM stock rebounds after extended slide
 (Adds details, comments)
 By Solarina Ho
 TORONTO, May 17 (Reuters) - Toronto's main stock index
pushed higher on Tuesday morning, reversing earlier losses, as
strength in financial issues and a rebound by Research In
Motion RIM.TO offset pressure from weaker commodity prices.
 Tech shares were up 0.55 percent, with RIM ahead 2.35
percent at C$42.70. Prior to Tuesday's rise, the BlackBerry
maker has seen its shares tumble nearly 30 percent this year.
 "That stock's been heavily oversold for the last few days
and weeks and months. So I think some people are trying to do
some bottom-fishing on it," said Bruce Latimer, a trader at
Dundee Securities.
 The influential financial group rose 0.49 percent, with all
six big banks in positive territory. Toronto-Dominion Bank
TD.TO led the way with a 0.86 percent rise to C$82.95.
 "We're just getting a little bit of sector rotation," said
Latimer. "We're just seeing some money go out of (precious
metals) and going into the financials and others."
 At 10:33 a.m. (1433 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 35.26 points, or 0.26
percent, at 13,426.61. Seven of the 10 main groups were
 Energy and materials stocks, which together make up about
50 percent of the index, gyrated widely between positive and
negative territory.
 Energy issues slipped 0.14 percent, tracking oil prices,
which fell on strength in the U.S. dollar and global growth
worries, following a batch of disappointing economic data.
[O/R] [nL4E7GH0C0]
 Three of the five main decliners were oil and gas firms.
Suncor Energy SU.TO led the slide with a moderate decline of
0.31 percent to C$38.38.
 Materials stocks, home to mining companies, were up 0.09
percent. Gold issues were mixed as bullion prices reversed
course on the heels of the firmer U.S. dollar and commodities
selloff. [GOL/] [ID:nLDE74G0Y0
 Agnico Eagle AEM.TO was up 0.35 percent at C$60.26, while
Yamana Gold YRI.TO was down 0.52 percent at C$11.51.
 ($1=$0.98 Canadian)
 (Editing by Rob Wilson)