CANADA STOCKS-TSX rises broadly, as financials lead the way

Mon Aug 30, 2010 4:53pm EDT
 
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* TSX up 15.83 points at 11,895.55

* Financials lead index higher

* RIM wins reprieve, offers India BlackBerry solutions (Updates to close, adds quotes)

By Jennifer Kwan

TORONTO, Aug 30 (Reuters) - Toronto's main stock index ended slightly higher on Monday, led by rising financial issues, but broader investor concerns about the recovery rattled global equities and kept TSX gains in check.

The TSX held above water on strength in banking, with Royal Bank of Canada RY.TO up 1.7 percent at C$51.25, and Bank of Montreal BMO.TO higher by 1.3 percent at C$58.33. National Bank of Canada NA.TO climbed 2 percent to C$61.22.

The broader financials group, up 0.5 percent, led the way higher as investors bought beaten-down shares, which had fallen in recent weeks the back of concerns about the global recovery. More recently, some bank issues tumbled after reporting weak trading results, said Rick Meslin, head of Canadian equities at UBS.

"People are a little constructive now, suggesting that future quarters might have some big ticket items, that the poor performance of trading revenue probably isn't going to be much of a factor in the next quarter," said Meslin.

However, Toronto-Dominion Bank TD.TO and Bank of Nova Scotia BNS.TO, both to report results this week, slipped by about 0.2 percent.   Continued...