CANADA STOCKS-TSX rebounds to end higher on financials, oils

Tue Mar 29, 2011 5:07pm EDT
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   * TSX rises 37.62 points, or 0.27 pct, to 13,930.35
 * Eight of 10 main groups higher
 * Financials rise 0.49 pct, materials slide 0.08 pct
 (Adds details, quotes)
 By John McCrank
 TORONTO, March 29 (Reuters) - Toronto's main stock index
ended higher on Tuesday, erasing losses from early in the
session as oil prices rose and financial issues attracted
yield-hungry investors.
 The heavyweight financial group rose 0.49 percent, with
National Bank of Canada (NA.TO: Quote) gaining 1.36 percent to
C$77.30, and Toronto-Dominion Bank (TD.TO: Quote) up 0.96 percent at
 "When you get into these periods where the market has come
up and is maybe due for a little bit of a rest, people tend to
go looking for yield, and that tends to be bank stocks," said
John Kurgan, senior market strategist at Lind-Waldock Canada.
 He said he expects the market to be largely range-bound
ahead of the federal election on May 2.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 37.62 points, or 0.27 percent, at 13,930.35.
Eight of the index's 10 main groups finished higher.
 The TSX had been down almost 50 points earlier in day, but
bounced back as energy issues reversed early losses.
 The energy group ended 0.2 percent higher on a jump in the
price of U.S. crude oil, which had hit a key technical level
following two days of losses. [O/R] [ID:nL3E7ES07Y]
 Imperial Oil (IMO.TO: Quote) rose 2.22 percent to C$50.16 and
Canadian Natural Resources (CNQ.TO: Quote) gained 1.64 percent to
 The mining-heavy materials sector sagged 0.08 percent, with
gold producers acting as a drag on the group after the price of
gold fell for a fourth straight session, with signs of monetary
tightening prompting selling. [MET/L] [GOL/] [ID:nLDE72S0RH]
 Agnico Eagle (AEM.TO: Quote) slumped 2.17 percent to C$63.25,
while Kinross Gold K.TO fell 1.78 percent to C$14.94.
 Uranium producers also weighed on the sector following
Canadian Imperial Bank of Commerce's move to cut its price
targets on several uranium miners in the wake of the Japanese
disaster. [ID:nN28187201] [ID:nWNAB1181]
 Cameco CCO.TO slid 0.96 percent to C$28.91 and Uranium
One Inc UUU.TO fell 3.59 percent to C$3.76.
 Elsewhere, shares of MI Developments Inc MIMa.TO ended
1.64 percent higher at C$27.97 after shareholders approved a
plan to eliminate the company's dual share structure -- a move
that effectively ends billionaire Frank Stronach's control of
the Magna-affiliated MG.TO real estate company.
 Lululemon Athletica LLL.TO added to gains it made on
Monday, climbing 4.18 percent to C$86.80 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]
 Looking forward, Sal Masionis, a stockbroker at Brant
Securities in Toronto, said that with the fighting in the
Middle East, the disaster in Japan, the political situation in
Ottawa, and the debt problems in Washington, the market could
be in for a shaky period.
 "There are so many cross currents," he said. "I think we've
got a short-term positive and then we're into question-mark
 ($1=$0.97 Canadian)
 (Additional reporting by Solarina Ho)