CANADA STOCKS-TSX broadly higher after Fed-inspired selloff

Fri Jun 21, 2013 10:56am EDT
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* TSX up 81.34 points, or 0.68 percent, at 12,049.93
    * Nine of 10 main index sectors rise
    * Index had fallen 380 points in past two days

    By Alastair Sharp
    TORONTO, June 21 (Reuters) - Canada's main stock index rose
on Friday as investors returned to equities after a two-day
selloff triggered by concern about the U.S. Federal Reserve's
plan to slow its stimulus program.
    The index was still on track for a drop of more than 1
percent for the week, however.
    "Our sense is the market is very jittery, very skittish, and
as a consequence they're looking more toward the short term,"
said Irwin Michael, a portfolio manager at ABC Funds. "The
markets should have an upward bias, I believe, as the day goes
    Banks were the main movers in Friday's push higher. The
country's largest, Royal Bank of Canada, led the way
with a 1.1 percent rise to C$59.57. Toronto-Dominion Bank
, Bank of Nova Scotia and Bank of Montreal
 all also notched gains of more than 1 percent. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 81.34 points, or 0.68 percent, at 12,049.93 by
mid-morning, with nine of its 10 main sectors rising. It had
shed some 380 points in the previous two sessions.
    "On balance our sense is that our market is a little
oversold. The latter part of yesterday was just pandemonium,"
ABC's Michael said.
    Heavyweight gold mining stocks Goldcorp Inc and
Barrick Gold Corp both added more than 1 percent even
though bullion was headed for its sharpest weekly drop in nearly
two years. 
    Telecoms companies were also well-represented at the top of
the table, with BCE Inc up 1.3 percent at C$43.73,
Rogers Communications Inc up 2.1 percent, and Telus
Corp gaining 0.8 percent to C$33.74.