CANADA STOCKS-TSX bounces up from seven-month low

Mon Jun 20, 2011 10:58am EDT
 
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   * TSX up 43.99 points, or 0.34 pct, at 12,833.94
 * Eight of 10 sectors stronger
 (Updates with details, commentary)
 By Claire Sibonney
 TORONTO, June 20 (Reuters) - Toronto's main stock index
pushed higher on Monday, after skidding to a seven-month low in
the previous session, as investors picked up worn down shares
despite uncertainty over a resolution of Greece's debt crisis.
 Most commodity prices, including oil and base metals, fell
as risk aversion rose after euro zone finance ministers
postponed a final decision on emergency loans to Greece.
 Even safe-haven gold reversed gains, pressured by a
stronger U.S. dollar, though gold miners edged up 0.3 percent.
 Goldcorp G.TO, was up 1.1 percent at C$45.88, while
Barrick Gold ABX.TO, gained 0.5 percent to C$42.45. Both
miners were among the top five gainers.
 "We've seen a fairly steep correction and we wouldn't be
too surprised to see a bit of a rally here. There's quite a bit
of bargains that have been created through this latest
correction," said Youssef Zohny, portfolio manager at Van Arbor
Asset Management in Vancouver.
 "In terms of weakness, Europe continues to be a big factor
... the Greek crisis is reaching a climax and you have quite a
bit of European meetings this week," Zohny added noting the
next few trading days could be volatile. 
 Euro zone finance ministers applied intense pressure on
Greece on Monday, saying Athens had to approve stricter
austerity measures before a final decision is made on a further
12 billion euros in loans. [ID:nLDE75I0FM]
 Potash Corp POT.TO was the most influential advancer on
the index, climbing more than 2 percent to C$50.53. The world's
biggest fertilizer producer was boosted by farm products
retailer and potash miner Agrium Inc AGU.TO, which raised its
second-quarter earnings outlook citing very strong retail sales
and increasing nutrient pricing. Agrium was up almost 3 percent
at C$80.25. [nL3E7HK1Q2]
 At 10:42 a.m. (1442 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 43.99 points, or 0.34
percent, at 12,833.94. On Friday, the index had slipped to its
lowest level since November, marking the 11th loss in 13
sessions this month.
 Eight of the 10 main sectors were higher on Monday,
including financials, up 0.6 percent.
 Manulife Financial MFC.TO was the second most influential
gainer, rising 2.3 percent to C$15.93 following recent heavy
selling and an analyst upgrade on Monday. [ID:nWNAB5958]
 Research In Motion RIM.TO was again the heaviest laggard
on the index, sagging 3.5 percent to C$26.29, following more
analyst downgrades after disappointing results last week.
[ID:nWNAB5926]
 ($1=$0.98 Canadian)
 (Reporting by Claire Sibonney; editing by Rob Wilson)