May 13, 2011 / 3:03 PM / 8 years ago

CANADA STOCKS-TSX rises cautiously with commodities

 * TSX gains 0.22 percent to 13,419.06
 * Seven of 10 sectors rise, led by commodity groups  (Adds details)
 TORONTO, May 13 (Reuters) - Toronto’s main stock index pushed higher on Friday morning, helped by gains in commodity issues as prices of key resources steadied.
 The price of oil was moderately higher, while copper moved further away from five-month lows. Gold and silver were also a bit firmer.
 The Toronto index has tracked the past week’s steep selloff in commodity prices, and as a result trading in resource shares was cautious on Friday morning. The index’s energy group was up 0.26 percent, and its materials sector, home to miners, was up 1.18 percent.
 Blue-chip commodity issues were mixed. Diversified miner Teck Resources TCKb.TO rose 2.1 percent to C$46.74, while Goldcorp (G.TO) gained 2.1 percent to C$46.76. But Imperial Oil (IMO.TO) fell 0.2 percent to C$45.37.
 “These commodities have gotten everyone in a bit of a tizzy,” said Sal Masionis, stockbroker at Brant Securities. “Commodities are having a little bit of a rally, but nothing spectacular.”
 At 10:32 a.m. (1432 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 29.64 points, or 0.22 percent, at 13,419.06, after three straight sessions of losses. Seven of its 10 sectors were higher.
 TMX Group (X.TO) lost 0.5 percent to C$40.80 even though the operator of the Toronto Stock Exchange reported a 13 percent rise in quarterly profit. It also said it had filed applications with Canadian provincial regulators for approval of its $3 billion tie-up with the London Stock Exchange (LSE.L). [ID:nL3E7GD1TD]
 BCE Inc (BCE.TO) shares rose for a second straight session after Canada’s biggest communications company reported a rise in quarterly profit on Thursday and a bigger share of the smartphone market. [ID:nN10106124]
 Several analysts raised their targets for BCE’s share price on Friday. The stock was up 0.16 percent at C$37.95.
 ($1=$0.97 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                                        

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