CANADA STOCKS-TSX tipped higher by rise in oil, bank shares

Wed Jul 20, 2011 4:50pm EDT
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 *TSX edges up 0.06 percent to 13,340.83
 * Three biggest sectors keep index in positive territory
 (Updates to close)
 TORONTO, July 20 (Reuters) - Toronto's main stock market
index closed slightly higher on Wednesday as weakness in
industrials was offset by stronger energy and banking shares.
 The index's three biggest groups -- energy, financials, and
materials -- all advanced, and their mild gains were enough to
prop up the index for a second straight daily rise.
 All three groups were represented among the most heavily
weighted climbers. Royal Bank of Canada (RY.TO: Quote), up 0.94
percent at C$53.56, led all influential gainers. Barrick Gold
(ABX.TO: Quote) rose 1.08 percent to C$46.71, followed by Encana
(ECA.TO: Quote), which added 1.29 percent to C$29.83.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 7.91 points, or 0.06 percent, at 13,340.83.
Six of its 10 main sectors were lower, led by a 1 percent
decline in the industrials group, while telecoms slid 0.94
percent. The infotech group was unchanged on the day.
 "We've been accustomed to markets that can change their
mind in a hurry," said Fred Ketchen, director of equity trading
at ScotiaMcLeod. He said sector rotation was one reason behind
the sharp declines in some sectors.
 The political battle over increasing the U.S. debt ceiling
as well as the worries about sovereign debt problems in Europe
have been a drag on stocks.
 European Union leaders must find a convincing solution to
Greece's debt crisis at a summit on Thursday or the global
economy will pay the price, the head of the European Commission
said in an unusually somber warning. [ID:nL6E7IK1QO]
 ($1=$0.95 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)