CANADA STOCKS-TSX rallies for second day as banks, miners star
* TSX rises 0.65 percent to 12,044.54
* Financial, mining issues lead the way
* All 10 main sectors finish higher (Adds details, quotes)
By Claire Sibonney
TORONTO, March 23 (Reuters) - Toronto's main stock index was higher for a second straight session on Tuesday, led by a rally in financial and mining issues, which lifted the index back over the 12,000 mark.
The TSX mining subsector was up 2.3 percent, after Quadra Mining's QUA.TO C$1.6 billion all-stock deal to buy FNX Mining Co FNX.TO spurred excitement about the potential for further mergers and acquisitions in the sector. [ID:nSGE62M0FF]
FNX gained almost 2 percent to C$15.14, while Quadra skidded 2.3 percent to C$16.98. Base metals major Teck Resources TCKb.TO rose 2.5 percent to C$41.55.
"We expect more deals to happen. Companies have seen a nice recovery in their stocks so they're going to be able to use that as currency to make acquisitions," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.
"And, in the meantime, commodity prices have been higher so the companies' balance sheets are starting to improve." Continued...