August 23, 2011 / 3:08 PM / 8 years ago

CANADA STOCKS-TSX buoyed by energy, banks

   * TSX up 130.93 points, or 1.1 percent, at 12,199.29
 * Nine of 10 sectors stronger, gold miners drag  (Updates with details, commentary)
 By Claire Sibonney
 TORONTO, Aug 23 (Reuters) - Toronto’s main stock index pushed higher on Tuesday morning, lifted by better than expected Chinese and euro zone manufacturing data and by domestic bank earnings that started on a positive note.
 Energy and financial shares powered the gains, despite volatile oil prices, while the first of a wave of Canadian bank earnings due over the next two weeks topped estimates. [O/R]
 Among the top gainers, Canadian Natural Resources (CNQ.TO) jumped 3.3 percent to C$33.99, while Bank of Montreal (BMO.TO) climbed 3.1 percent to C$59.11 after it reported double-digit profit growth due to stronger capital markets revenue and a recent acquisition. [ID:nN1E77L0PK]
 Bruce Latimer, a trader at Dundee Securities, said BMO’s earnings were a positive start, while data showing a less gloomy euro zone and Chinese manufacturing outlook added support, but he cautioned that investors were still very wary amid light volume and volatile markets. [ID:nL5E7JN0JC]
 “We need a couple days of consolidation, we need a couple days of no negative global news,” he said.
 “We’re in that sort of odd trading scenario ... where investors have been sticking their toe in the water and getting their ankle bit off. And after a while they just stop doing that.”
 At 10:54 a.m. (1454 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 130.93 points, or 1.08 percent, at 12,199.29. Nine of the 10 main groups were firmer, as materials were dragged down by weak gold miners.
 Base-metal miners rallied 2.6 percent on higher copper prices, but precious-metal shares fell 1.7 percent as gold prices retreated from record highs on the back of a recovery in higher-risk assets. [GOL/]
 Barrick Gold (ABX.TO) dropped 1.1 percent to C$51.10, while Goldcorp Inc (G.TO) lost 1.6 percent to C$52.77.
 Hopes of more stimulus from the U.S. Federal Reserve also buoyed markets ahead of Chairman Ben Bernanke’s speech at the central bank’s conference in Jackson Hole, Wyoming, on Friday, as U.S. data continued to disappoint. [nL4E7JN029]
 New U.S. single-family home sales fell more than expected in July to hit a five month low and the prior month’s pace was revised down, though the supply of homes available on the market dropped to a record low. [ID:nN1E77M0IK]
  ($1=$0.99 Canadian)  (Reporting by Claire Sibonney; editing by Rob Wilson)                                        

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