CANADA STOCKS-Banks, miners lead TSX back above 14,000

Fri Feb 25, 2011 11:02am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX up 142.24, points, 1.03 pct at 14,009.55
 * Eight of the 10 main groups rise
 (Updates with details, comment)
 By Solarina Ho
 TORONTO, Feb 25 (Reuters) - Toronto's main stock index was
sharply higher on Friday morning, jumping back above the 14,000
mark in a broad relief rally led by the mining-heavy materials
sector and the influential banks.
 Goldcorp (G.TO: Quote) was up 2.29 percent at C$45.47, while
Toronto-Dominion Bank (TD.TO: Quote) was ahead 1.56 percent at
 Recent violent unrest in Libya sparked concerns over the
OPEC country's oil supply and worries the turmoil could spread
to other oil producing nations in the region. But news that
Saudi Arabia had quietly increased production to stem the spike
in prices eased market fears.
 "It's a relief rally," said Douglas Davis, chief executive
officer at Davis-Rea.
 "I really think there's only one driving factor, which is
people are a lot less worried about Libya then they were
earlier in the week ... What's happening there is no longer
discouraging. That fear having been lifted, the market wants to
 At 10:12 a.m. (1512 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 142.24, points, or
1.03 percent, at 14,009.55.
 The market had skidded in a four-session retreat prior to
Friday, having given back all of its gains from the previous
week when it hit a 31-month high.
 Eight of the TSX's 10 main groups were higher, with the
materials sector up 1.8 percent.
 Gold prices firmed above $1,400 an ounce and were on track
for a fourth straight week of gains, as the safe-haven metal's
status continued to appeal amid the geopolitical unrest.
 The rally extended to energy stocks, which were up 0.65
percent. The group bounced back after Thursday's retreat, even
as oil prices slid on higher output from Saudi Arabia. [O/R]
 Financials were up 1.01 percent on easing market tensions
and healthy bank earnings. [ID:nN24267496] Bank of Nova Scotia
(BNS.TO: Quote) rose 1.48 percent to C$60.20.
 Fertilizer producers got a lift from a ratings hike from
Royal Bank of Canada (RY.TO: Quote) and steady corn prices. Potash
Corp (POT.TO: Quote) climbed 3.22 percent to C$58.90, while Agrium Inc
(AGU.TO: Quote) gained 1.93 percent to C$91.79. [ID:nWNAB4530]
 ($1=$0.98 Canadian)