3 Min Read
* TSX rises 0.24 percent to 11,908.73
* Financials ahead 0.62 percent
* RIM wins reprieve, offers India BlackBerry solutions
TORONTO, Aug 30 (Reuters) - Toronto's main stock index climbed on Monday morning, led by rising financial issues, which had retreated in recent weeks on the back of concerns about the global recovery and mixed banking results.
"The banks are helping the tone of the market. Royal Bank was hit with slower earnings than expected but now it's bouncing back, so it's leading the way. It shows there's a little bit of bargain-hunting going on," said Sal Masionis, a stockbroker at Brant Securities.
At 10:18 a.m. (1418 GMT) the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was ahead 29.01 points, or 0.24 percent, at 11,908.73. That contrasted with U.S. stock indexes, which edged lower on investor wariness. [ID:nN30174144]
Eight of Toronto's 10 main groups were higher, with the exception of the telecoms and utilities sectors.
"The States aren't showing any leadership at the moment so we're just marching to our drum," said Masionis.
Manulife Financial (MFC.TO), down 0.66 percent at C$11.98, was a weak spot in the heavily weighted financials. The insurer is said to be among the bidders for New York Life Insurance Co's Asian assets. [ID:nTOE67Q021]
Takeover target Potash Corp (POT.TO) was off 0.25 percent at C$154.60 as bidder BHP Billiton on Sunday played down chances of raising its $39 billion offer, saying it had timed its move to catch out weakened rival bidders. [ID:nSGE67S020]
Agrium (AGU.TO) was up 0.77 percent at C$73.62 as it said it would be interested in Potash Corp's nitrogen and phosphates business, worth an estimated $12 billion, if BHP succeeds in its takeover and decides to sell some assets. [ID:nSGE67S02X]
Research In Motion RIM.TO gained 1.76 percent to C$49.20 as the BlackBerry maker averted a threatened ban on its services in India. [ID:nSGE67T0I0]
In economic news, Canadian producer prices edged up 0.1 percent in July from June, below expectations. The current account deficit widened more than expected in the second quarter on a slowdown in exports. [ID:nN30434611] [ID:nN30257696]
$1=$1.05 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson