Toronto stocks rise on banks and BCE rebound

Thu Mar 27, 2008 9:52am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO, March 27 (Reuters) - The Toronto Stock Exchange's main index edged higher early on Thursday, with bank and energy shares leading the way, and BCE Inc BCE.TO bouncing back from the previous session.

But sliding gold prices took the wind out of TSX gold producers, muting gains on the overall index.

The S&P/TSX composite index .GSPTSE was up 26.93 points, or 0.2 percent, at 13,418.79.

BCE added 66 Canadian cents to C$36.38. In the previous session, the stock fell amid speculation that credit financing for the takeover of Canada's No. 1 telecom firm would collapse.

Those worries eased on Thursday after a Texas court ruling that may force banks to finance the $20-billion leveraged buyout of U.S. radio operator Clear Channel Communications CCU.N, was seen as a harbinger for the BCE deal amid the global credit crisis.

Elsewhere, financial shares added 1 percent while the energy sector gained 0.2 percent. Royal Bank of Canada RY.TO was up 67 Canadian cents at C$48.10.

On the downside, the gold subsector dipped 1.4 percent as the price of spot gold fell below $948 an ounce.

($1=$1.02 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)