May 17, 2011 / 3:17 PM / 8 years ago

CANADA STOCKS-TSX buoyed by financials, RIM; resources weak

   * TSX up 35.26 points, or 0.26 percent, at 13,426.61
 * Seven of the 10 main groups higher
 * RIM stock rebounds after extended slide  (Adds details, comments)
 By Solarina Ho
 TORONTO, May 17 (Reuters) - Toronto’s main stock index pushed higher on Tuesday morning, reversing earlier losses, as strength in financial issues and a rebound by Research In Motion RIM.TO offset pressure from weaker commodity prices.
 Tech shares were up 0.55 percent, with RIM ahead 2.35 percent at C$42.70. Prior to Tuesday’s rise, the BlackBerry maker has seen its shares tumble nearly 30 percent this year.
 “That stock’s been heavily oversold for the last few days and weeks and months. So I think some people are trying to do some bottom-fishing on it,” said Bruce Latimer, a trader at Dundee Securities.
 The influential financial group rose 0.49 percent, with all six big banks in positive territory. Toronto-Dominion Bank (TD.TO) led the way with a 0.86 percent rise to C$82.95.
 “We’re just getting a little bit of sector rotation,” said Latimer. “We’re just seeing some money go out of (precious metals) and going into the financials and others.”
 At 10:33 a.m. (1433 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 35.26 points, or 0.26 percent, at 13,426.61. Seven of the 10 main groups were higher.
 Energy and materials stocks, which together make up about 50 percent of the index, gyrated widely between positive and negative territory.
 Energy issues slipped 0.14 percent, tracking oil prices, which fell on strength in the U.S. dollar and global growth worries, following a batch of disappointing economic data. [O/R] [nL4E7GH0C0]
 Three of the five main decliners were oil and gas firms. Suncor Energy (SU.TO) led the slide with a moderate decline of 0.31 percent to C$38.38.
 Materials stocks, home to mining companies, were up 0.09 percent. Gold issues were mixed as bullion prices reversed course on the heels of the firmer U.S. dollar and commodities selloff. [GOL/] [ID:nLDE74G0Y0
 Agnico Eagle (AEM.TO) was up 0.35 percent at C$60.26, while Yamana Gold (YRI.TO) was down 0.52 percent at C$11.51.
 ($1=$0.98 Canadian)  (Editing by Rob Wilson)                                        

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