CANADA STOCKS-Egypt unrest, economic data drive TSX higher

Mon Jan 31, 2011 10:46am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 *TSX up 62.67 points at 13,500.25
 *Eight of 10 sectors stronger
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Jan 31 (Reuters) - Toronto's main stock index
pushed higher on Monday morning as energy stocks got a boost
from the uprising in Egypt, while strong North American
economic data brightened market sentiment.
 The index's energy sector rallied 1.3 percent on fears that
the unrest in Egypt could spread across the Middle East, a
region that produces more than a third of the world's oil.
Suncor Energy SU.TO climbed 1.4 percent to C$40.59, while
EnCana Corp ECA.TO advanced 1.6 percent to C$32.43
 "Energy prices are building a little bit of geopolitical
premium in them and the sector itself is carrying over its
strength from Friday," said Youssef Zohny, associate portfolio
manager at Van Arbor Asset Management in Vancouver.
 "We have uncertainty in the Middle East but at the same
time we have some decent economic data."
 Economically sensitive financials were 0.5 percent higher
after data showed stronger-than-expected Canadian economic
growth in November and higher U.S. consumer spending.
 Royal Bank of Canada RY.TO rose 0.8 percent to C$53.75,
and Toronto-Dominion Bank TD.TO added 0.6 percent to
 "Canada is becoming a little more attractive in general ...
whenever you see some uncertainty, especially coming out of the
Middle East and Europe, it definitely gives Canadian financials
a little bit of attention, a little bit more stability."
 At 10:20 a.m. (1520 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 62.67 points, or 0.47
percent, at 13,500.25. Eight of the index's 10 sectors were
stronger, including base metal miners, up 0.5 percent, as the
price of copper crept towards record highs.
 Limiting the rise, however, were gold-mining shares, down
0.6 percent, as the price of bullion extended losses. [GOL/]
 Also dragging on the index, Research In Motion RIM.TO
dropped 1.6 percent to C$59.23 after India rejected on Monday
the company's offer to allow it only partial access to its
BlackBerry data services. [ID:nSGE70U08L]
 ($1=$1.00 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)