2 Min Read
(Adds strategist comment, updates prices)
By Alastair Sharp
TORONTO, June 2 (Reuters) - Canada's main stock index rose on Tuesday as higher commodity prices helped resource-related stocks, and financial issues gained.
The most influential gainers on the index included First Quantum Minerals Ltd, which gained 6.4 percent to C$17.33, and Teck Resources Ltd, which advanced 6.0 percent to C$15.30. The overall materials group climbed 1.4 percent.
At 10:42 a.m. EDT (1442 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 55.09 points, or 0.37 percent, to 15,129.22.
Advancing issues outnumbered decliners on the TSX by 170 to 73, for a 2.33-to-1 ratio on the upside.
Financial stocks moved 0.6 percent higher, with Royal Bank of Canada up 0.7 percent at C$79.36 and Toronto-Dominion Bank gaining 0.5 percent to C$54.48.
U.S. crude oil prices were up 1.0 percent to $60.80 per barrel, while Brent crude added 0.6 percent to $65.28.
While a rise in crude prices helped the energy group increase 1 percent, a feeling that gains could be hitting a ceiling have some analysts feeling bearish about Canadian equities.
"We're preaching caution right now," said Philip Petursson, from the portfolio advisory group at Manulife Asset Management. "The data does not justify taking an aggressive stance."
Gold futures rose 0.4 percent to $1,192.80 an ounce.
Copper prices advanced 0.3 percent to $6,044.5 per tonne. (Editing by James Dalgleish)