CANADA STOCKS-TSX climbs on U.S. data, German vote

Thu Sep 29, 2011 5:17pm EDT
 
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 * TSX rises 100.45 points, or 0.87 percent, at 11,686.32
 * Nine of 10 sectors higher; banks drive gains
 By Trish Nixon
 TORONTO, Sept 29 (Reuters) - Toronto's main stock market
index rose on Thursday as stronger-than-expected U.S. economic
data and German approval of a beefed-up euro-zone crisis fund
helped ease two of the worst fears hanging over the market.
 But intense intra-day swings highlighted investor anxiety.
The index retreated from an earlier jump of 1.5 percent and at
times traded negative as traders reflected on the big
challenges still ahead for the euro zone as policymakers work
to prevent a crisis that began in Greece from spreading far
beyond Europe. [ID:nL5E7KT2WC]
 "We're in a market right now that's looking for something
to latch on to give it direction," said Julie Brough, vice
president at Morgan Meighen & Associates.
 "At the end of the day, there aren't really resolutions to
the problem. There's inklings of hope, but we've seen so many
of these things in Europe where you make some progress, but
then you don't get to the point where anything's really
implemented."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 100.45 points, or 0.87 percent, at
11,686.32. Nine of 10 sectors were higher.
 The financial sector closed 1.9 percent higher, driving the
index's gains. Bank of Nova Scotia (BNS.TO: Quote) was the top
advancer as it jumped 2.4 percent to C$53.70. Toronto-Dominion
Bank (TD.TO: Quote) gained 2 percent to C$75, and Royal Bank of Canada
(RY.TO: Quote) added 1.9 percent to C$48.41.
 Energy issues rose 1 percent, helped by rising oil prices.
Suncor Energy (SU.TO: Quote) rose 2.4 percent to C$27.71, and Cenovus
Energy (CVE.TO: Quote) jumped 3.4 percent to C$33.22.
 Base-metal miners weighed. The TSX's mining sub-group fell
1.5 percent as copper prices added to their monthly rout, down
more than 1 percent on the day and more than 20 percent so far
in September. [MET/L]
 First Quantum Minerals (FM.TO: Quote) was a top decliner, down 5
percent at C$14.40.
 Petrobakken Inc PBN.TO shares plunged by more than a
fifth on Thursday on fears the company may have to suspend its
lucrative dividend. [ID:nS1E78S1QO]
 (Editing by Jeffrey Hodgson)