June 20, 2011 / 3:01 PM / 8 years ago

CANADA STOCKS-TSX bounces up from seven-month low

   * TSX up 43.99 points, or 0.34 pct, at 12,833.94
 * Eight of 10 sectors stronger  (Updates with details, commentary)
 By Claire Sibonney
 TORONTO, June 20 (Reuters) - Toronto’s main stock index pushed higher on Monday, after skidding to a seven-month low in the previous session, as investors picked up worn down shares despite uncertainty over a resolution of Greece’s debt crisis.
 Most commodity prices, including oil and base metals, fell as risk aversion rose after euro zone finance ministers postponed a final decision on emergency loans to Greece.
 Even safe-haven gold reversed gains, pressured by a stronger U.S. dollar, though gold miners edged up 0.3 percent.
 Goldcorp (G.TO), was up 1.1 percent at C$45.88, while Barrick Gold (ABX.TO), gained 0.5 percent to C$42.45. Both miners were among the top five gainers.
 “We’ve seen a fairly steep correction and we wouldn’t be too surprised to see a bit of a rally here. There’s quite a bit of bargains that have been created through this latest correction,” said Youssef Zohny, portfolio manager at Van Arbor Asset Management in Vancouver.
 “In terms of weakness, Europe continues to be a big factor ... the Greek crisis is reaching a climax and you have quite a bit of European meetings this week,” Zohny added noting the next few trading days could be volatile. 
 Euro zone finance ministers applied intense pressure on Greece on Monday, saying Athens had to approve stricter austerity measures before a final decision is made on a further 12 billion euros in loans. [ID:nLDE75I0FM]
 Potash Corp POT.TO was the most influential advancer on the index, climbing more than 2 percent to C$50.53. The world’s biggest fertilizer producer was boosted by farm products retailer and potash miner Agrium Inc AGU.TO, which raised its second-quarter earnings outlook citing very strong retail sales and increasing nutrient pricing. Agrium was up almost 3 percent at C$80.25. [nL3E7HK1Q2]
 At 10:42 a.m. (1442 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 43.99 points, or 0.34 percent, at 12,833.94. On Friday, the index had slipped to its lowest level since November, marking the 11th loss in 13 sessions this month.
 Eight of the 10 main sectors were higher on Monday, including financials, up 0.6 percent.
 Manulife Financial (MFC.TO) was the second most influential gainer, rising 2.3 percent to C$15.93 following recent heavy selling and an analyst upgrade on Monday. [ID:nWNAB5958]
 Research In Motion RIM.TO was again the heaviest laggard on the index, sagging 3.5 percent to C$26.29, following more analyst downgrades after disappointing results last week. [ID:nWNAB5926]
 ($1=$0.98 Canadian)  (Reporting by Claire Sibonney; editing by Rob Wilson)                                        

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