July 15, 2010 / 9:10 PM / 9 years ago

CANADA STOCKS-TSX rallies late, financials big gainers

* TSX jumps 1.05 percent to 11,741.77

* Closes at at highest level since June 24

* All 10 main sectors post gains (Updates to close)

By Ka Yan Ng

TORONTO, July 15 (Reuters) - Toronto’s main stock index rallied into the close on Thursday with all 10 of its main sectors ending in positive territory as worries about the economic recovery gave way to hopes of increased momentum from healthy corporate earnings.

The broader market was little changed for much of the session, caught in a tug of war between positive sentiment over forecast-topping profits at U.S. bank JPMorgan versus a raft of weak U.S. economic data that renewed concern about the strength of the recovery.

But Toronto’s main market turned around as U.S. stocks recouped losses late in the day, led by a surge in Goldman Sachs Group on talk that U.S. securities regulators will make a major enforcement announcement. [ID:nN15238780] [.N]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished at its high for the session, up 121.61 points, or 1.05 percent, at 11,741.77. That is also the highest level since June 24.

“Today, many traders thought this was an opportunity to buy stocks a bit more cheaply in the face of what are likely to be stronger than expected earnings over the next week or so, on both sides of the border,” said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.

All 10 of the TSX’s major sectors finished higher, with four groups rising more than 1 percent, including the hefty financial group.

Key names on rise included Toronto Dominion Bank (TD.TO), up 1.1 percent at C$72.88, while Royal Bank of Canada (RY.TO) gained 0.81 percent to C$55. Bank of Nova Scotia (BNS.TO) advanced 1.04 percent to C$52.44.

Nexen NXY.TO rose 4.4 percent to C$22.32 after the independent oil company reported a market-beating quarterly profit, driven by higher oil and gas prices. [ID:nSGE66E0EN]

$1=$1.04 Canadian 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