CANADA STOCKS-TSX touches near 1-mth high on Wall St catch-up

Mon Jul 4, 2011 5:54pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

  * TSX up 85.62 points, or 0.64 pct, at 13,386.49
  * Firm commodity prices help support index
  * 9 of 10 index sectors stronger; energy drives gains
 By Trish Nixon
 TORONTO,  (Reuters) - Toronto's main stock index rose for a
fifth straight session to touch its highest point in nearly a
month on Monday, playing catch-up with U.S. markets, which
rallied on Friday when Canadian markets were closed.
 Volumes were low due to the U.S. Independence Day holiday.
U.S. stocks jumped more than 1 percent on Friday on strong
manufacturing data from the Institute of Supply Management
(ISM) that eased concerns about slowing growth. [.N]
 "The U.S. had a terrific day (on Friday) bouncing off the
strong ISM numbers," said Barry Schwartz, portfolio manager at
Baskin Financial Services.
 "Unfortunately we were closed and couldn't participate in
any of the fun. The doors were closed to us but they're open
today, and we are just playing catch up here."
 Nine of the index's 10 main sectors were higher, led by
energy, which benefited from steady oil prices. [O/R]
 Suncor Energy SU.TO was the second most influential
gainer on the index, up 1.83 percent to C$38.49.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 85.62 points, or 0.64 percent, at
 The index traded as high as 13,413.96, its strongest level
since June 6.
 The index's most influential gainer was miner Teck
Resources TCKb.TO, which rose 4.77 percent to C$51.36.
Materials stocks such as miners benefited from stronger prices
for base metals, including copper. [MET/L]
 "The commodity producers have not performed as well as
their underlying commodities ... investors have gotten a sense
of that and they're bidding those stocks back up," said
 Investor confidence also improved after euro zone finance
ministers approved a 12 billion euro installment of aid for
Greece over the weekend and said the details of a second aid
package would be finalised by mid-September.
 Top gainers in Toronto included embattled Chinese forestry
company Sino-Forest TRE.TO. Its shares jumped more than 28
percent to C$4.10 after news that fund manager Wellington
Management more than doubled its stake in the company.
 Wi-LAN WIN.TO surged 8.35 percent to to C$8.43 after the
patent licensing firm agreed to settle a lawsuit related to
Bluetooth technology with chipmaker Texas Instruments.
 Research In Motion Ltd RIM.TO rose 1.5 percent to C$28.30
after the BlackBerry maker, Apple, Microsoft, and three other
companies joined forces to outbid Google at an auction for
Nortel wireless patents, a move that could result in big
licensing fees for Google. [nNL3E7I10H]
 (Editing by Jeffrey Hodgson)