September 2, 2010 / 9:03 PM / in 7 years

CANADA STOCKS-TSX up for 7th session on banks, miners

* TSX up 107.31 points at 12,111.09

* Financials rise after TD reports higher quarterly profit

* 9 of index’s 10 main sectors finish higher (Adds company details)

By Jennifer Kwan

TORONTO, Sept 2 (Reuters) - Toronto’s main stock index ended higher on Thursday after Toronto-Dominion Bank reported a higher quarterly profit and U.S. economic data added to investor optimism about the recovery.

Heavily weighted banking issues were up 1.1 percent after the last of the bank quarterly reports was released. TD (TD.TO) was up 1.5 percent at C$73.17 after it reported a 29 percent rise in third-quarter profit on stronger retail banking profits and credit quality. [ID:nN02129558]

Elsewhere in the sector, Bank of Montreal (BMO.TO) was up 1 percent at C$59.30, while Bank of Nova Scotia (BNS.TO) rose 1.9 percent to C$52.21. Royal Bank of Canada (RY.TO) climbed 0.5 percent, Canadian Imperial Bank of Commerce (CM.TO) rose 0.3 percent and National Bank of Canada (NA.TO) was up 1 percent.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the day up 107.31 points, or 0.89 percent, at 12,111.09, its seventh straight day of gains.

Nine of its 10 main groups were higher.

The blue chip S&P/TSX 60 index .TSE60 closed 6.75 points higher, or 0.97 percent, at 706.04.

Market players are anxiously awaiting Friday’s key U.S. nonfarm payrolls report for signs of where the U.S. economy is headed.

“What people want to see is some evidence that the U.S. economy is growing, even if only slowly,” said David Baskin, portfolio manager and president of Baskin Financial Services.

“People want some positive data points to relieve this gloom that we had for a lot of summer.”

The index’s resource-laden materials group was up 1.3 percent, helped by a rally in spot gold prices. [GOL/] Kinross Gold (K.TO) was up 1.9 percent at C$17.93, while fellow gold miner Agnico Eagle (AEM.TO) gained 1.3 percent to C$68.64.

Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia, said 12,100-12,150 was likely an key short-term target level for the TSX index.

In individual company news, shares in Harry Winston Diamond Corp HW.TO, a top net gainer on the TSX, soared 19.5 percent to C$12.85 after the diamond miner and retailer reported a higher than expected quarterly profit late on Wednesday and a 62 percent increase in sales. [ID:nN02196259]

Potash Corp (POT.TO) rose 1.5 percent to C$156.25 on reports that China’s Sinochem had hired HSBC (HSBA.L) to look into a possible bid for the fertilizer producer, raising the possibility of a counter-offer to BHP Billiton’s (BHP.AX) $39 billion hostile bid. [ID:nSGE68101H]

In related news, the government of Saskatchewan has asked the Conference Board of Canada to examine the effect of a Potash Corp takeover on potash-sector jobs and government revenues, Saskatchewan Energy Minister Bill Boyd said on Thursday. [ID:nN02218925]

$1=$1.05 Canadian Additional reporting by Ka Yan Ng; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below