CANADA STOCKS-TSX ends higher, led by financials, Potash Corp

Mon Jun 20, 2011 5:47pm EDT
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* TSX ends 67.75 points, or 0.53 percent, at 12,857.70

* Buyers step in after index touches lowest since Nov

* Eight of the TSX's main groups end higher

By Trish Nixon

TORONTO, June 20 (Reuters) - Toronto's main stock market index closed higher on Monday after briefly hitting its lowest level since November, as investors stepped in to pick up beaten down financial and materials shares.

The market rose even as concerns remained about Greece's debt crisis. After two days of crisis talks, euro zone finance ministers effectively issued an ultimatum, giving Greece two weeks to approve stricter austerity measures in exchange for emergency loans. [ID:nLDE75I0FM]

"People have begun to view the Greece bailout as something that will take time but is likely to occur," said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri. "Whereas last week it seemed that in fact there may actually be more problems getting the deal done."

Potash Corp (POT.TO: Quote) was the most influential gainer on the index, climbing more than 2 percent to C$50.62.

The world's biggest fertilizer producer gained after fellow potash miner Agrium Inc (AGU.TO: Quote) raised its earnings outlook, citing very strong retail sales and increasing nutrient pricing. [ID:nN1E75J0AP]   Continued...