CANADA STOCKS-TSX treads carefully higher after recent gains

Mon Sep 27, 2010 10:33am EDT
 
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 *TSX up 14.86 points, or 0.12 percent, 12,219.72
 *9 of index's 10 main sectors higher
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Sept 27 (Reuters) - Toronto's main stock index was
slightly higher on Monday morning, supported by firmer energy
and mining shares, but trade was largely muted as investors
stayed on the sidelines after the market's recent strength.
 Index sectors supporting the push higher included energy,
up 0.3 percent, and materials, which climbed 0.2 percent, even
though some underlying commodity prices slipped. [O/R] [MET/L]
 Oil company Canadian Natural Resources CNQ.TO rose 0.4
percent to C$34.02, while miner Teck Resources TCKb.TO was up
1.5 percent at C$40.96.
 "We've had markets that have been doing not too badly for
the last three or four weeks," said Fred Ketchen, director of
equity trading at ScotiaMcLeod.
 "Probably under those circumstances I wouldn't find it
strange that we're hanging close to home here trying to decide
where we go next."
 At 10:14 a.m. (1414 GMT), the resource-heavy S&P/TSX
composite index .GSPTSE was up 14.86 points, or 0.12 percent,
12,219.72, with nine of its 10 main sectors higher. The
consumer staples fell 0.2 percent.
 In individual company news, Barrick Gold ABX.TO, whose
shares slipped 0.1 percent to C$47.41, said on Monday that gold
prices could easily outperform recent record highs to rise
above $1,500 an ounce in the next year. [ID:nLDE68Q0ZY]
 Takeover target Potash Corp POT.TO, up 0.4 percent at
C$149.97, remained in the spotlight. BHP Billiton BHP.AX has
cleared the first regulatory hurdle in its bid for Canada's
Potash but the miner still has a long way to go to pass the
deal with Canadian authorities and the target's shareholders.
[ID:nN23243172]
 BlackBerry maker Research In Motion RIM.TO shed 1.1
percent to C$49.55 even though a top Abu Dhabi official said
the United Arab Emirates is "very optimistic" about reaching an
agreement in a dispute with RIM before an official deadline.
[ID:nLDE68P025]
 ($1=$1.03 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)