CANADA STOCKS-TSX ticks higher on mining strength

Tue Jul 20, 2010 11:08am EDT
 
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* TSX up 24.10 points, or 0.21 percent, at 11,567.57

* Bank of Canada raises rates, issues dovish statement

* Chinese stocks influence overcomes weak U.S. results (Adds details, quote)

By Jennifer Kwan

TORONTO, July 20 (Reuters) - Toronto's main stock index climbed on Tuesday morning after opening lower as commodity prices took their cue from strong Chinese equities, pushing up the index's heavily weighted resource issues.

The TSX's materials sector, up 1.6 percent, led the move higher [GOL/] [MET/L]. Barrick Gold (ABX.TO: Quote) rose 1.5 percent to C$44.56, while Teck Resources TCKb.TO rallied 4 percent to C$34.38.

The TSX tracked the Shanghai composite index .SSEC, which rose 2 percent to its highest close in three weeks, buoyed by property stocks, as investors gained confidence that Beijing's property policy would hold steady for the rest of the year after a series of tightening steps. [MKTS/GLOB]

"We had a stronger Chinese stock market and the Chinese stock market has been in the doldrums for a while. That's starting to show some signs of life," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.

At 10:48 a.m. (1448 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 24.10 points, or 0.21 percent, to 11,567.57, with four of its 10 main groups higher.   Continued...