December 21, 2010 / 3:28 PM / 7 years ago

CANADA STOCKS-TSX rises as TD leads broad rally

   * TSX up 89.43 points, or 0.68 percent to 13,282.71
 * All 10 main sectors higher
 * Toronto Dominion Bank up 2.98 percent at C$72.61
 By Solarina Ho
 TORONTO, Dec 21 (Reuters) - Toronto’s main stock index rose on Tuesday as Toronto-Dominion Bank’s (TD.TO) purchase of Chrysler Financial helped lift the broad market in light trading as the holiday weekend approached.
 TD was the most influential positive mover, with shares climbing 2.98 percent to C$72.61. Canada’s No. 2 bank bought Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion, joining the throng of Canadian institutions expanding foreign operations. [ID:nN20216127]
 The overall financial group was up 0.9 percent, with all but one of the major banks advancing.
 Energy stocks also made gains, rising 0.76 percent, as oil prices rose for the third straight session. Cold weather, forecasts of an inventory drop and expectations of greater U.S. gasoline demand provided support.
 Suncor Energy (SU.TO) was up 0.63 percent at C$36.87. Encana Corp (ECA.TO) gained 0.95 percent at C$28.76. [O/R]
 At midmorning, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE climbed 89.43 points, or 0.68 percent, to 13,282.71. All 10 of the TSX main sectors were positive.
 “The market is generally a little bit quieter across the board here as we drift into the holiday weekend,” said Bruce Latimer, a trader at Dundee Securities.
 “For the most part, most people have done what they wanted to do for the year and are quite happy to see things close where they are.”
 The influential materials group, home to miners, were up 0.39 percent as copper prices rose to a record high on supply concerns. Teck Resources TCKb.TO rose 1.48 percent to C$58.36. [MET/L]
 Gold miners tempered gains and were among the few decliners. Barrick Gold (ABX.TO) was down a modest 0.17 percent at C$52.56 while Agnico Eagle (AEM.TO) fell 0.62 percent to C$77.56. Gold prices were steady in Europe in holiday-thinned trade. [GOL/]
 “A lot of people’s books are closed, so you’re going to get some gyrations inter-day and over the next few days,” said Latimer.
 ($1=$1.02 Canadian) (Reporting by Solarina Ho)                                        

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