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

Mon Aug 30, 2010 10:50am EDT
 
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* 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.

After a wobbly start, the TSX headed higher with financials up 0.62 percent. Royal Bank of Canada (RY.TO: Quote) gained 1.11 percent to C$50.96, while Bank of Montreal (BMO.TO: Quote) rose 1.5 percent to C$58.44.

Toronto Dominion Bank (TD.TO: Quote) and Bank of Nova Scotia (BNS.TO: Quote), both to report results this week, were up as well.

"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.   Continued...