UPDATE 2-Toronto stocks rise on commodities, sentiment

Wed Sep 24, 2008 11:46am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Buffett's $5 bln Goldman bet lifts market mood

* Financials flat on concerns over U.S. bailout plan

* Energy stocks gain as oil firms to $108 a barrel (Adds details)

TORONTO, Sept 24 (Reuters) - The Toronto Stock Exchange's main index rose on Wednesday morning on strength in commodity issues and a boost in sentiment from a $5 billion investment in Goldman Sachs Group Inc (GS.N: Quote).

The purchase of the Goldman stake by Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote) (BRKb.N: Quote) helped lift the market's mood, said Francis Campeau, a broker at MF Global Canada in Montreal. But investors remained worried about the fate of A U.S. rescue plan for the financial sector.

The U.S. government's push for quick congressional approval of the $700 billion bailout hit a major obstacle on Tuesday as some senators said the plan puts taxpayers at excessive risk. [ID:nN23313135]

Shortly after 11:00 a.m., the TSX financials group was flat, down 0.01 percent. Royal Bank of Canada (RY.TO: Quote) was up 0.8 percent at C$50.88, while Canadian Imperial Bank of Commerce (CM.TO: Quote) rose 1.1 percent to C$62.96.

"Right now, the name of the game is whether or not Congress will accept the $700 billion bailout," said Campeau. "Speculation is around that, and the market is focused on that."

The S&P/TSX composite index .GSPTSE was up 85.29 points, or 0.68 percent, at 12,617.92, with four of its 10 main groups higher.   Continued...