January 24, 2011 / 10:04 PM / 7 years ago

CANADA STOCKS-TSX ends three-day skid with broad rally

 *TSX rises 89.01 points to 13,347.58
 *Nine of 10 sectors stronger  (Updates with details, comments)
 By Cameron French
 TORONTO, Jan 24 (Reuters) - Toronto’s main stock index ended a three-day losing streak on Monday, pushing higher in a broad rally led by industrial, financial, and tech stocks.
 With a dearth of economic or earnings news, investors sought bargains in the expectation that the market’s rally of the past three months will continue as the Canadian fourth-quarter reporting season gathers steam.
 “I think it’s a bit of a bounce back from what we had last week. It seems to be a buy on dips mentality,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 The S&P/TSX composite index .GSPTSE finished the session up 89.01 points, or 0.67 percent, at 13,347.58. Nine of the index’s 10 sectors rose.
 Resource issues were the laggards, with energy stocks easing on the back of weaker oil prices. Materials stocks rose just 0.4 percent, undercut by a retreat in gold-mining shares after they gained early in the session.
 Quadra FNX Mining QUX.TO was the worst performer among materials issues, plunging 10.8 percent to C$13.90 after the base metals miner reported 2010 copper production that fell well short of earlier forecasts.
 BlackBerry manufacturer Research In Motion RIM.TO surged 2.6 percent to C$62.35, gaining back some of last week’s steep losses. RIM’s gains helped drive the TSX info tech sector up 1.7 percent.
 Industrial issues were spurred by Canadian National Railway CN.TO, which rose 1.5 percent to C$68.45 after the railway said it had reached an agreement with unionized workers, averting a strike at the country’s biggest railroad.
 Also among industrials stocks, Air Canada ACb.TO gained 2.3 percent to C$3.08, while engineering firm SNC-Lavalin (SNC.TO) pushed ahead 1.6 percent to C$62.07.
 ($1=$0.99 Canadian)  (Editing by Peter Galloway)                                         

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