January 25, 2010 / 4:11 PM / 8 years ago

CANADA STOCKS-TSX higher as commodities gain; banks mixed

* S&P/TSX composite up 0.36 percent to 11,383.77

* Mining, energy shares recoup some losses (Adds details, quotes)

By Claire Sibonney

TORONTO, Jan 25 (Reuters) - Toronto’s main stock index was higher on Monday morning as commodity shares were lifted by climbing prices.

Miner Teck Resources TCKb.TO, up 1.62 percent at C$39.40, was among the leading gainers. But financial stocks, still suffering from uncertainty over U.S. President Barack Obama’s plan to rein in big banks, were mixed.

Royal Bank of Canada (RY.TO), Canada’s biggest financial institution, fell 0.59 percent to C$52.57 percent, while Toronto-Dominion Bank (TD.TO) gained 0.84 percent at C$62.27.

Gold rose to around $1,100 an ounce in Europe on Monday as the U.S. dollar eased broadly and renewed physical and safe-haven buying helped support prices. [GOL/]

Oil prices slipped slightly to approach a one-month low near $74 a barrel on continuing signs of weak demand and concerns over the U.S. proposal to tighten bank trading rules. [O/R]

“(Monday’s rise) could be a recognition that last week’s selloff in commodities was overdone, but I wouldn’t read too much into it just because the gains coming from each sector really aren’t huge,” said Gareth Watson, an equity advisor at ScotiaMcLeod.

“It’s a bit of an indecisive open,” he added, noting that advancing and declining sectors were about even.

At 10:26 a.m. (1526 GMT) the Toronto S&P/TSX composite index .GSPTSE was up 40.34 points or 0.36 percent, at 11,383.77.

The index tumbled to a six-week low on Friday, roughed up by falling oil prices and by financial issues that were reeling from the White House plan to impose tighter restrictions on U.S. banks.

Watson said that lacking any real catalyst in Canada to move the market significantly, investors are looking ahead to November GDP data and the first U.S. Federal Open Market Committee meeting of the new year, both later in the week.

$1=$1.06 Canadian Reporting by Claire Sibonney; editing by Peter Galloway

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