CANADA STOCKS-TSX edges higher on miners, banks

Tue Mar 29, 2011 11:21am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX up 6.84 points at 13,899.57
 * Seven of the 10 main groups higher
 * Financials, miners gain while energy drags
 By Solarina Ho
 TORONTO, March 29 (Reuters) - Toronto's main stock index
see-sawed higher on Tuesday, in a modest reversal of the
previous session's loss of more than 1 percent, as mining and
financial issues offset weaker oil and gas stocks.
 The heavily weighted financial sector rose 0.22 percent.
Toronto-Dominion Bank (TD.TO: Quote) was the biggest mover on the
positive side, rising 0.51 percent to C$84.46.
 "People are still looking for yields and the banks in
particular are still carrying fairly respectable yields,
particularly in view that we've already seen one or two
dividend increases this year and we might see some more before
the year is out," said Michael Sprung, president of Sprung & Co
Investment Counsel.
 The materials group gained 0.29 percent, with diversified
miner Teck Resources (TCKb.TO: Quote) up 0.7 percent at C$51.86. Gold
miners were split, with most managing to hang on to modest
advances. Agnico Eagle (AEM.TO: Quote) was down 0.71 percent at
C$64.19 while Barrick Gold (ABX.TO: Quote) was up 0.28 percent at
C$49.88.
 A number of mining companies bucked the effects of softer
gold and copper prices, both of which were well off record
highs. Gold fell on expectations that interest rates could rise
in Europe and the United States, while copper was pressured by
softer demand from top consumer China and worries over large
inventories. [MET/L] [GOL/]
 "In view of the selloffs we've had lately, people may be
beginning look for positions or places to get into the market
here," said Sprung.
 At 10:39 a.m. (1439 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was marginally higher, up
6.84 points at 13,899.57. Seven of the 10 main groups were
positive.
 Energy issues were the most influential movers on the
downside, giving back 0.26 percent. Encana Corp (ECA.TO: Quote) fell
1.41 percent to C$32.91.
 Oil prices slipped for a third straight day on expectations
that crude supplies in Libya could be swiftly restored while
more bad news out of Japan on its nuclear crisis strained
investor confidence. [O/R]
 "Everybody seems to be just looking for really good news. I
haven't seen anything that would cause confidence to abound ...
people haven't really taken a position on one side of the fence
or the other," said Sprung.
 "The last little while, we've had some not-so-good
(economic) news, so that's certainly putting some negative
sentiment with respect to the prospect of the recovery being
that robust going forward."
 In individual corporate news, Cameco Corp CCO.TO was off
1.92 percent, extending Monday's losses, after Canadian
Imperial Bank of Commerce cut its price target on the uranium
miner to C$43 from C$46.
 Cameco has also been hit by heightened concerns over future
uranium demand in the wake of the Japanese disaster.
[ID:nN28187201] [ID:nWNAB1181]
 Lululemon Athletica LLL.TO extended Monday's run,
climbing 3.36 percent to C$85.92 after the high-end yoga wear
company said it would split its common and special voting
shares on a two-for-one basis. [ID:nN28207842]
 ($1=$0.98 Canadian)
 (Editing by Rob Wilson)