CANADA STOCKS-TSX higher on golds, banks; CN weighs

Wed Oct 21, 2009 11:19am EDT
 
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* TSX rises 0.2 pct to 11,561.07

* CN Rail leads decliners despite forecast-beating results

By Ka Yan Ng

TORONTO, Oct 21 (Reuters) - Toronto's main stock index held higher on Wednesday morning as gold-mining and bank shares rose, overtaking weakness from Canadian National Railway (CNR.TO: Quote).

Early trade was volatile, but strength in Barrick Gold (ABX.TO: Quote), Potash Corp (POT.TO: Quote), and Royal Bank of Canada (RY.TO: Quote) overcame weakness in CN Rail, which weighed on the market despite better than expected results.

Barrick led all notable advancers with a 2 percent gain to C$40.45, helped by a firmer price of gold above $1,055 an ounce.

Royal Bank was up 0.7 percent at C$56.94, while Potash Corp rose 1.8 percent to C$109.

CN Rail fell 2.2 percent to C$53.82 the day after the country's biggest railway repeated cautiously upbeat comments that the worst of the economic downturn was over, but also pointed out it still faced economic head winds. [ID:nN14246637]

At 11 a.m. (1500 GMT), the S&P/TSX composite index .GSPTSE was up 22.95 points, or 0.2 percent, at 11,561.07. At market open, the TSX dropped 55 points.   Continued...