* TSX up 13.01 points, or 0.1 percent, at C$12,883.02
* Eight of the 10 main groups higher
By Solarina Ho
TORONTO, Nov 19 (Reuters) - Toronto’s main stock index eked out a small gain late Friday morning as stronger resource and bank issues erased earlier losses, and the market largely brushed off concerns over monetary tightening in China.
The heavily weighted financial sector rose 0.24 percent, with Royal Bank of Canada (RY.TO) up 1 percent at C$54.78 and Bank of Montreal (BMO.TO) ahead 1.8 percent at C$60.27.
Manulife Financial (MFC.TO), which announced a net income target of C$4 billion for 2015 before markets opened, was a big mover to the downside, falling 2.2 percent to C$15.35. [ID:nN19171180]
Energy heavyweight Encana Corp (ECA.TO) advanced 1.3 percent to C$28.83 to help lift the energy group up 0.1 percent. But the sector’s gains were offset by losses elsewhere in the group, including Penn West Energy Trust PWT_u.TO, which fell 1.3 percent to C$22.57. [O/R]
At 11:19 a.m. (1619 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 13.01 points, or 0.1 percent, at C$12,883.02.
Eight of the TSX’s 10 main sectors were higher, with the hefty materials group, home to mining companies, up 0.1 percent. Health care and industrials were both down 0.08 percent.
Earlier, the TSX slipped lower as resource issues fell on worries over China’s tightening move and fears Beijing could hike interest rates.
“There’s two news: what’s going on in Ireland and what’s going on in China. To me it’s such a dichotomy ... one’s inflating and one’s deflating, so we’re in the middle,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
“Net-net, I view it as more positive than negative.”
China announced it would raise bank reserve requirements for the second time in two weeks, as it continued its fight to rein in prices. [ID:nL3E6MJ0N8] Markets have worried that Chin’s tightening will cool growth and cut demand for commodities such as oil and metals.
Fears that European sovereign debt levels could undermine the global recovery have eased in recent days on expectations that a multibillion-euro aid plan to end Ireland’s debt crisis will be unveiled next week. [ID:nLDE6AI0QG]
($1=$1.02 Canadian) (Reporting by Solarina Ho; editing by Rob Wilson)