CANADA STOCKS-TSX pushed higher by energy, financials

Mon Dec 21, 2009 12:39pm EST
 
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* TSX rises 1.01 percent to 11,579.19

* Potash up after Goldman adds to conviction buy list

* Financial sector ahead 1.3 percent (Adds details, comments)

By Irene Kuan

TORONTO, Dec 21 (Reuters) - Toronto's main stock index was ahead more than 1 percent at midday on Monday, boosted by strength in energy and financial issues, while Potash Corp of Saskatchewan POT.TO also contributed to the gains.

Potash Corp was one of top gainers, up 3 percent at C$115.43, after Goldman Sachs had added the big fertilizer producer to its conviction buy list. [ID:nSGE5BK0DN]

"They (Goldman Sachs) feel that in 2010 that the agricultural stocks will do quite well. I also feel that way," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

The market also got a lift from a Statistics Canada report showing retail trade was up by 0.8 percent in October to a level nearly as high as a year earlier, before the sharp declines seen in late 2008. [ID:nN21217072]

"Whenever there's a positive for the consumer anywhere in the developed world, it's going to help the equity markets because that seems to be the focus on how sustainable the economy is right now," said Nakamoto.   Continued...