CANADA STOCKS-Greek vote, data spur TSX to 4th day of gains

Thu Jun 30, 2011 4:57pm EDT
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 * TSX ends up 111.93 points at 13,300.87
 * All 10 index sectors higher, led by financials
 * Index ends week 3 percent higher
 * TSX down 5.8 pct on quarter, 3.6 pct on month
 (Updates to close, adds details, comments)
 By Claire Sibonney
 TORONTO, June 30 (Reuters) - Toronto's main stock index
rallied for a fourth straight day on Thursday as relief that
Greece seemed likely to avoid a near-term debt default and some
stronger North American data prompted quarter-end buying.
  Financials, the most weighty index sector, led the gains,
climbing 1.2 percent. Manulife Financial (MFC.TO: Quote) bounced up
3.8 percent to C$17.08, Bank of Montreal (BMO.TO: Quote) added 1.9
percent to C$61.35, and Toronto-Dominion Bank (TD.TO: Quote) advanced
1.2 percent to C$81.78.
 "The two drivers for bank stocks today are diminished
concerns about a debt default by Greece -- an issue that
affects the financial sector more than any other sector -- and
the fact that Canadian GDP was flat versus expectations for a
slight decline," said Elvis Picardo, strategist and vice
president of research at Global Securities in Vancouver.
 The Greek parliament approved detailed austerity and
privatization bills on Thursday in a vote that was crucial to
the government's attempt to secure emergency funds and avert
imminent bankruptcy, but longer-term dangers still lurk.
 On the data front, Canadian growth figures showed a flat
reading in April, slightly higher than the consensus forecast,
while U.S. business activity in the Midwest expanded more than
expected this month. [ID:nN1E75T0ER] [ID:nN1E75T07]
 End-of-quarter flows were also seen in play. Much of the
recent rally has also been attributed to window-dressing by
fund managers, who sell losers and buy winners to make their
portfolios look better.
 "When you're rejuggling your portfolio, once you've sold a
whole bunch of things earlier on, some people might have cash
on the balance sheet. If you want to buy something quick, just
get it done on the day, that's banks," said Marcus Xu, director
of equity investments at Genus Capital in Vancouver.
 Insurer Manulife in particular -- the day's most
influential gainer -- was seen benefiting from last-minute
quarter-end buying as the recently hard-hit stock received a
major upgrade in the quarter and may be seen as a "reversal
buy," Xu said.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 111.93 points, or 0.85 percent, at
13,300.87, with all 10 of its sectors stronger. Tthe index
ended the holiday-shortened week up 3 percent, but finished the
month 3.6 percent lower and the quarter down 5.8 percent.
 Canadian markets are closed on Friday for Canada Day, while
U.S. markets will be shut on Monday for Independence Day.
 Among the Thursday's winners, powerhouse energy stocks rose
1.1 percent as U.S. crude oil futures settled above $95 a
 Canadian Natural Resources (CNQ.TO: Quote) gained 1.1 percent to
C$40.43, while Cenovus Energy (CVE.TO: Quote) jumped 2.7 percent to
 TMX Group (X.TO: Quote) shares were down 0.9 percent at C$43.80 a
day after the London and Toronto stock exchanges canceled plans
to combine forces. That pushed a consortium of Canadian banks
and pension funds into the driver's seat in the takeover battle
for the Toronto Stock Exchange. [ID:nN1E75T1KY]
 Shares of Sino-Forest TRE.TO surged nearly 20 percent to
C$3.20 even though Standard & Poor's cut its rating on the
beleaguered Chinese forestry company. [ID:nN1E75T0AH]
 SNC-Lavalin Group (SNC.TO: Quote) rose 4.1 percent to C$58.88
after the Canadian government said on Wednesday would sell the
nuclear reactor division of Atomic Energy of Canada Ltd to the
engineering company for C$15 million plus royalties.
 ($1=$0.96 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)