February 8, 2010 / 4:45 PM / 9 years ago

CANADA STOCKS-TSX bounces higher as resource prices firm

 * TSX up 43.48 points, or 0.39 pct, at 11,266.60
 * Energy, materials lead market higher  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Feb 8 (Reuters) - Toronto’s main stock index steadily rose on Monday morning as firming oil and metal prices helped lift Teck Resources TCKb.TO, EnCana (ECA.TO) and other resource stocks.
 Base metal miner Teck topped the list of heavyweight names on the upside, climbing 5.6 percent to C$36.11, while EnCana added 2.1 percent at C$33.22. Canadian Natural Resources (CNQ.TO) was up 1.4 percent at C$70.26.
 The move higher was aided by oil prices that held firmly above $71 a barrel, while gold and base metals were also stronger. [O/R] [GOL/] [MET/L]
 “One of the reasons we’re higher is because we’ve been so much lower,” Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier said of investor jitters that sent the Toronto index down more than 5 percent in January.
 At 11:21 a.m. (1621 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 43.48 points, or 0.39 percent, at 11,266.60.
 Nakamoto said risk aversion swept through global markets beginning in January as China moved to tighten monetary policy, U.S. President Barack Obama commented about stricter oversight of Wall Street banks, and concerns grew about the fiscal health of some smaller euro zone countries.
 “It’s the attitude toward risk,” said Nakamoto, adding that investors were picking up beaten-down stocks.
 Still, worries about Greek sovereign debt and its spillover effects elsewhere in Europe continued to spur anxiety on markets around the world on Monday, helping to push down the Toronto index at the open. [MKTS/GLOB]
 “There are a lot of eyes turned on to Portugal, Spain and Greece,” said Francis Campeau, broker at MF Global Canada in Montreal. “This is something that won’t be resolved overnight.”
 ($1=$1.07 Canadian)  (Reporting by Jennifer Kwan; editing by Rob Wilson)                                       

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