June 3, 2010 / 3:03 PM / 9 years ago

CANADA STOCKS-TSX rises as oil, U.S. data soothes

 * TSX up 32.05 points, or 0.27 pct, at 11,812.72
 * Nine of 10 main groups higher
 * Weak miners limit TSX gains  (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, June 3 (Reuters) - Toronto’s main stock market index rose on Thursday morning as firm oil prices helped lift energy issues and optimism about global economic recovery enticed investors to buy.
 Climbers included Canadian Natural Resources (CNQ.TO), up 2.6 percent at C$37.65, and Cenovus Energy (CVE.TO), which rose 1.1 percent to C$29.40. EnCana Corp (ECA.TO) climbed 0.6 percent to C$34.10.
 Joe Ismail, technical analyst at Maison Placements Canada, said that reflected a recovery in the price of oil itself.
 “Right now (oil) is trading up in a tight trading range of $67 to $73 (a barrel). This is a very comfortable zone. I wouldn’t be surprised to see it creep up to the $78 range in the near term,” he said.
 Still, oil prices pared early gains to pull back to near $73 a barrel as traders waited to see if U.S. government data would confirm an industry report showing falling crude stockpiles. [O/R]
 At 10:06 a.m. (1406 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 32.05 points, or 0.27 percent, at 11,812.72, with nine of its 10 main groups higher.
 Ismail predicted the TSX would retest 2010 highs of around 12,300 in the near term.
 The Toronto index, which rose 1.8 percent on Wednesday, moved higher with world stock markets as data on weekly jobless claims and same-store sales helped boost confidence about the improving economic landscape. [MKTS/GLOB] [.N]
 In individual company news, Canadian Western Bank (CWB.TO) climbed 3.7 percent to C$24.36. The regional bank said quarterly profit surged as net interest margins improved, surpassing expectations, but it expects profit to moderate in the months ahead. [ID:N03230208]
 Royal Bank of Canada (RY.TO) fell 0.1 percent to C$55.03 and Toronto-Dominion Bank rose 0.1 percent to C$71.50. Bank of Nova Scotia (BNS.TO) rose 1 percent to C$51.32, while Canadian Imperial Bank (CM.TO) was up 0.8 percent higher at C$73.16.
 Fertilizer maker Migao Corp MGO.TO reported a higher-than-expected quarterly profit, helped by the addition of a new specialty compounding facility. [ID:nSGE6520EB] Its shares rose 6.6 percent to C$6.43
 Miners threatened to drag the index lower, with Teck Resources TCKb.TO down 1.6 percent at C$35.42, while Barrick Gold sank 1.8 percent to C$44.03. The materials sector, home to miners and fertilizer companies, was down 1 percent.  ($1=$1.04 Canadian)  (Reporting by Jennifer Kwan; editing by Janet Guttsman)                                       

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