May 18, 2011 / 3:04 PM / 8 years ago

CANADA STOCKS-TSX rises to 1-wk high on commodity rebound

   * TSX rises 1.09 percent to 13,587.29
 * Suncor leads overall commodity issue gainers
 * Nine of 10 main sectors advance
 * RIM gains, Bernstein upgrades BlackBerry maker  (Adds details)
 TORONTO, May 18 (Reuters) - Toronto’s main stock index rose to a one-week high on Wednesday morning, helped by a rebound in prices for oil, gold and copper.
 At 10:45 a.m. (1445 GMT) The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 146.23 points, or 1.09 percent, at 13,587.29. Nine of the 10 main sectors were higher, with materials and infotech each up more than 1 percent, while the energy group soared 2.2 percent.
 Suncor Energy (SU.TO) led the way, rising 3.1 percent to C$39.72. Canadian Natural Resources (CNQ.TO) added 3 percent to C$40.94, while Potash Corp POT.TO gained 1.55 percent to C$53.12. Teck Resources TCKb.TO gained 4.1 percent to C$48.65.
 “It looks to me like it’s a pretty happy day in the market out there, on the Canadian side anyway with all our commodities up,” said Michael Sprung, president at Sprung & Co. Investment Counsel.
 Research In Motion RIM.TO pushed higher for a second straight day, climbing 3.6 percent to C$44.05, and was one of the most influential gainers overall. Before their turn higher, RIM shares had fallen nearly 30 percent this year.
 Sanford C. Bernstein said the BlackBerry smartphone maker is still in a challenging position, but upgraded the stock to “market-perform” from “underperform,” saying RIM is unlikely to face a significantly worse scenario in the next two years. [ID:nL4E7GI247]
 Canaccord Financial Inc (CF.TO) rose 4 percent to C$14.17 the day after it reported its quarterly profit soared amid record revenue from advisory fees. [ID:nN17277454]
 Corporate news was otherwise fairly light, so investors were focused on climbing resource prices. [O/R] [GOL/] [MET/L] .CRB Still, the composite index is vulnerable, said Sprung.
 “We’ve still got enough to worry about around the world, with problems continuing to build in Europe and the inflationary pressures that we’re beginning to see,” he said.
 “But perhaps what’s happening today is people are just jumping in after the decline that we’ve had.”
 If Wednesday’s gains hold, the index will close the session in positive territory on the year for the first time since early May. Since reaching a 32-month high in March, the index has tumbled close to 7 percent, largely due to a slump in commodity prices.
 Cautious about the U.S. economic outlook, investors will scrutinize minutes of the Federal Open Market Committee’s latest interest-rate policy meeting later in the session. Market players will search for hints about the U.S. central bank’s quantitative easing stimulus program, which is widely expected to end in June.
 ($1=$0.97 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