November 29, 2011 / 4:42 PM / in 6 years

CANADA STOCKS-TSX touches one-week high on Europe hopes

   * TSX up 57.55 pts, or 0.5 pct, at 11,697.76
 * Touches highest level since Nov. 23
 * Resources, financials lead the gains
 TORONTO, Nov 29 (Reuters) - Toronto’s main stock index touched its highest point in nearly a week on Tuesday morning as higher oil and gold prices lifted resource issues ahead of a meeting of European finance ministers that investors hope will help resolve the euro zone debt crisis.
 Oil and gas issues were the index’s biggest movers, rising more than 1 percent as U.S. crude prices edged closer to $100 a barrel, supported by a rebound in U.S. consumer confidence data in November. [O/R] [ID:nN1E7AR196]
 Canadian Natural Resources (CNQ.TO) led the sector’s gains for the second straight session, rising nearly 2 percent to C$35.86.
 At 11:10 a.m. (1610 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 57.55 points, or 0.5 percent, at 11,697.76. Earlier, the index touched 11,763.67, it’s highest point since Nov. 23.
 A sale of Italian debt helped markets open higher, but the near 8 percent yield on Italy’s three-year bonds dampened early optimism over the country’s ability to finance its debt. [ID:nL5E7MT29A]
 Investors still held out hope that a meeting of European finance ministers would include some tangible steps to address the region’s spiraling debt problems, which have begun to spread to the euro zone’s top economies.
 “Maybe there will be some sort of magical statement, but we need more than just statements, we need actual action and I‘m not sure that Europe can move that fast,” said Carlos Leitao, chief economist at Laurentian Bank Securities.
 The TSX’s financial sector, which has little direct exposure to European debt assets, was one of the market’s biggest benefactors, climbing 0.5 percent.
 Toronto-Dominion Bank (TD.TO) gained 0.7 percent to C$69.38 and Bank of Montreal (BMO.TO) rose 1.4 percent to C$57.54.
 Heavily weighted materials also rose 0.5 percent, lifted by stronger gold [GOL/], which steadied above $1,700 an ounce.
 Among the sector’s leaders were Goldcorp (G.TO), up 0.6 percent at C$51.01, and Barrick Gold (ABX.TO), up 0.4 percent at C$51.40.
 ($1=$1.03 Canadian)  (Editing by Rob Wilson)                 

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