June 7, 2011 / 3:22 PM / 8 years ago

REFILE-CANADA STOCKS-TSX bounces higher on oils, banks

 (Refiles to insert dropped Toronto dateline)
 * TSX up 59.50 points, or 0.45 percent at 13,378.16
 * Nine of 10 main groups higher  (Updates with details, comments)
 By Solarina Ho
 TORONTO, June 7 (Reuters) - Toronto’s main stock index rebounded on Tuesday morning following five sessions of declines, with energy issues leading the broad rally.
 Oil and gas stocks were up 0.92 percent after Monday’s 2.14 retreat, with energy firms making up the three biggest index movers on the positive side.
 Cenovus Energy (CVE.TO) jumped 2.15 percent to C$34.74, while Canadian Natural Resources (CNQ.TO) rose 1.31 percent to C$40.21. Talisman Energy TLM.TO advanced 2.63 percent to C$19.49.
 Financial issues were up 0.46 percent, led by Royal Bank of Canada (RY.TO), which gained 0.75 percent to C$54.84.
 “A sigh of relief so far this morning. It was a pretty nasty day (Monday) on really no specific news,” said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.
 “Overall, the darkened clouds seemed to drift from the U.S. to Canada.”
 At 10:41 a.m. (1441 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 59.50 points, or 0.45 percent, at 13,378.16. Nine of the index’s 10 main groups were higher, with technology the lone decliner.
 A string of disappointing U.S. economic data in recent weeks has sparked further concerns about the spillover effect from Canada’s biggest trading partner and have dampened investor sentiment.
 “The market is totally discounting the good news out of corporate profits and, at the end of the day, that’s really what should be driving stock prices. And we believe corporate profits are going to improve in 2011 versus 2010,” said Schwartz.
 “There could be some more people taking a look at that and realizing the market has been oversold as a whole and there’s still some terrific bargains out there in a lot of areas.”
 Tech issues were down 0.06 percent, pressured by Research In Motion RIM.TO, which slid 1.05 percent to C$37.73. Analysts have cut their price targets in recent days as the BlackBerry maker remains under intense pressure from Apple’s (AAPL.O) iPhone and smartphones running Google’s (GOOG.O) Android operating system.
 The materials group, home to mining firms, was bolstered by firm golds, but overall gains were capped by Sino-Forest TRE.TO, which saw its shares plunge another 18.36 percent to C$4.98 to lead the decliners.
 The Toronto-listed firm, which owns and operates timber plantations in China, has seen its shares clobbered in recent sessions following allegations of fraud. [ID:nL3E7H71M3]
 ($1=$0.97 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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