October 2, 2012 / 9:08 PM / 6 years ago

CANADA STOCKS-TSX ekes out gain despite Spain uncertainty

* TSX ends up 21.04 points, or 0.17 pct, at 12,391.23
    * Eight of 10 sectors stronger

    By Claire Sibonney
    TORONTO, Oct 2 (Reuters) - Canada's main stock index eked
out a small gain on Tuesday in volatile trade as cautious
investors received mixed signals about Spain's readiness to seek
a bailout, and investors awaited the next big catalyst to drive
markets after a strong third quarter.
    It was the second straight positive day at the start of the
new quarter. The TSX finished the last quarter up more than 6
percent, as energy companies and miners benefited from a strong
showing in crude and bullion prices.
    On the TSX on Tuesday, firmer energy and financial shares
outweighed weakness in materials issues. The index outperformed
Wall Street amid questions about the upcoming earnings season.
    "We have just completed the quarter, so a lot of people are
now realigning their positions and they're going to take a few
days to look ahead to this quarter," said Ron Meisels, technical
analyst and president of Phases & Cycles in Montreal. 
    "A positive quarter usually signals good earnings to come." 
    Among the most influential names on the upside, Cenovus
Energy jumped 2 percent to C$35.25. Canadian Natural
Resources and Suncor Energy advanced 0.9
percent to C$32.93.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended up 21.04 points, or 0.2 percent, at 12,391.23.
Eight of the 10 sectors were positive, including financials, up
0.1 percent.
    The TSX drifted between positive and negative territory for
most of the day, as enthusiasm on signs that a bailout request
from Spain was fast approaching faded.
    Spanish Prime Minister Mariano Rajoy said a request for
European aid was not imminent following a report the country
could apply for help soon. 
    Germany has signaled that Madrid should hold off on making
its request, according to European officials on
    Among the decliners on the TSX, precious metal miners and
fertilizer companies reversed some of the previous day's rally.
Potash Corp lost 2.4 percent to C$41.97 and Goldcorp
Inc was down 1.1 percent to C$44.93.
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