CANADA STOCKS-TSX rises on optimism about economic recovery
* 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: Quote) 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: Quote) up 0.8 percent at C$52.45, Bank of Montreal (BMO.TO: Quote) rising 1.7 percent to C$62.85, and Toronto-Dominion Bank (TD.TO: Quote) 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: Quote) rose 0.9 percent to C$33.68, and Canadian Natural Resources (CNQ.TO: Quote) 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: Quote) earlier this month. Continued...