July 4, 2011 / 9:59 PM / 8 years ago

CANADA STOCKS-TSX touches near 1-mth high on Wall St catch-up

  * TSX up 85.62 points, or 0.64 pct, at 13,386.49
  * Firm commodity prices help support index
  * 9 of 10 index sectors stronger; energy drives gains
 By Trish Nixon
 TORONTO,  (Reuters) - Toronto’s main stock index rose for a fifth straight session to touch its highest point in nearly a month on Monday, playing catch-up with U.S. markets, which rallied on Friday when Canadian markets were closed.
 Volumes were low due to the U.S. Independence Day holiday. U.S. stocks jumped more than 1 percent on Friday on strong manufacturing data from the Institute of Supply Management (ISM) that eased concerns about slowing growth. [.N]
 “The U.S. had a terrific day (on Friday) bouncing off the strong ISM numbers,” said Barry Schwartz, portfolio manager at Baskin Financial Services.
 “Unfortunately we were closed and couldn’t participate in any of the fun. The doors were closed to us but they’re open today, and we are just playing catch up here.”
 Nine of the index’s 10 main sectors were higher, led by energy, which benefited from steady oil prices. [O/R]
 Suncor Energy (SU.TO) was the second most influential gainer on the index, up 1.83 percent to C$38.49.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 85.62 points, or 0.64 percent, at 13,386.49.
 The index traded as high as 13,413.96, its strongest level since June 6.
 The index’s most influential gainer was miner Teck Resources TCKb.TO, which rose 4.77 percent to C$51.36. Materials stocks such as miners benefited from stronger prices for base metals, including copper. [MET/L]
 “The commodity producers have not performed as well as their underlying commodities ... investors have gotten a sense of that and they’re bidding those stocks back up,” said Schwartz.
 Investor confidence also improved after euro zone finance ministers approved a 12 billion euro installment of aid for Greece over the weekend and said the details of a second aid package would be finalised by mid-September.
 Top gainers in Toronto included embattled Chinese forestry company Sino-Forest TRE.TO. Its shares jumped more than 28 percent to C$4.10 after news that fund manager Wellington Management more than doubled its stake in the company. [ID:N1E7630OZ]
 Wi-LAN WIN.TO surged 8.35 percent to to C$8.43 after the patent licensing firm agreed to settle a lawsuit related to Bluetooth technology with chipmaker Texas Instruments. [ID:nL3E7I417O]
 Research In Motion Ltd RIM.TO rose 1.5 percent to C$28.30 after the BlackBerry maker, Apple, Microsoft, and three other companies joined forces to outbid Google at an auction for Nortel wireless patents, a move that could result in big licensing fees for Google. [nNL3E7I10H]  (Editing by Jeffrey Hodgson)                   

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