CANADA STOCKS-TSX edges higher on resources, financials

Fri Nov 19, 2010 12:23pm EST
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   * TSX up 13.01 points, or 0.1 percent, at C$12,883.02
 * Eight of the 10 main groups higher
 By Solarina Ho
 TORONTO, Nov 19 (Reuters) - Toronto's main stock index eked
out a small gain late Friday morning as stronger resource and
bank issues erased earlier losses, and the market largely
brushed off concerns over monetary tightening in China.
 The heavily weighted financial sector rose 0.24 percent,
with Royal Bank of Canada RY.TO up 1 percent at C$54.78 and
Bank of Montreal BMO.TO ahead 1.8 percent at C$60.27.
 Manulife Financial MFC.TO, which announced a net income
target of C$4 billion for 2015 before markets opened, was a big
mover to the downside, falling 2.2 percent to C$15.35.
 Energy heavyweight Encana Corp ECA.TO advanced 1.3
percent to C$28.83 to help lift the energy group up 0.1
percent. But the sector's gains were offset by losses elsewhere
in the group, including Penn West Energy Trust PWT_u.TO,
which fell 1.3 percent to C$22.57. [O/R]
 At 11:19 a.m. (1619 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 13.01 points, or 0.1
percent, at C$12,883.02.
 Eight of the TSX's 10 main sectors were higher, with the
hefty materials group, home to mining companies, up 0.1
percent. Health care and industrials were both down 0.08
 Earlier, the TSX slipped lower as resource issues fell on
worries over China's tightening move and fears Beijing could
hike interest rates.
 "There's two news: what's going on in Ireland and what's
going on in China. To me it's such a dichotomy ... one's
inflating and one's deflating, so we're in the middle," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
 "Net-net, I view it as more positive than negative."
 China announced it would raise bank reserve requirements
for the second time in two weeks, as it continued its fight to
rein in prices. [ID:nL3E6MJ0N8] Markets have worried that
Chin's tightening will cool growth and cut demand for
commodities such as oil and metals.
 Fears that European sovereign debt levels could undermine
the global recovery have eased in recent days on expectations
that a multibillion-euro aid plan to end Ireland's debt crisis
will be unveiled next week. [ID:nLDE6AI0QG]
 ($1=$1.02 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)