CANADA STOCKS-TSX rises on optimism about economic recovery

Mon Jul 26, 2010 5:08pm EDT
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* TSX up 31.86 points, or 0.27 percent, at 11,746.07

* Seven of 10 sectors higher

* Weak gold miners limit gains (Adds details, quotes)

By Jennifer Kwan

TORONTO, July 26 (Reuters) - Toronto's main stock index ended higher on Monday as strong U.S. corporate earnings and home-sales data boosted investor optimism about the economic recovery.

The market mood was buoyed especially by FedEx Corp's FDX.N move to raise its quarterly and full-year earnings forecasts. [ID:nN26199061]

Economically sensitive financial issues gained 0.9 percent, with Royal Bank of Canada RY.TO up 0.8 percent at C$52.45, Bank of Montreal BMO.TO rising 1.7 percent to C$62.85, and Toronto-Dominion Bank TD.TO up 1.4 percent at C$72.92.

Strength in the big oil and gas sector, up 0.7 percent, also helped push the index higher. Suncor Energy SU.TO rose 0.9 percent to C$33.68, and Canadian Natural Resources CNQ.TO was up 0.2 percent at C$36.70.

"We got really upbeat guidance from FedEx," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services, who noted that the rosy outlook followed strong earnings from United Parcel Service Inc UPS.N earlier this month.   Continued...