June 23, 2009 / 8:28 PM / 10 years ago

CANADA STOCKS-TSX ends higher as commodities offer support

* TSX rises 62.54 points to 9,896.72

* Energy and gold-miners lead gain

* Manulife skid limits overall TSX move (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, June 23 (Reuters) - A rise in commodity prices helped lead Toronto’s main stock index to a higher close on Tuesday, but it could only reclaim a sliver of the previous session’s plunge as economic uncertainty lingered.

Gold miners and oil companies were among the key drivers behind the market’s gain as gold prices rallied off a six-week low while oil prices also rose.

The helped lift Barrick Gold Corp (ABX.TO) by 4.6 percent to C$38.37, while Goldcorp (G.TO) followed with a gain of 5.1 percent to C$39.53. The materials group, which is home to gold miners, led all sectors with a 4 percent rise.

Energy players in the mix included Suncor Energy (SU.TO), which rose 3 percent to C$33.16, and Canadian Natural Resources (CNQ.TO), which ended up 2.4 percent at C$56.01.

But the TSX, at one point down 106 points, was not able to muster up much of a gain as financials continued to stumble on Friday’s news that insurer Manulife Financial (MFC.TO) received enforcement notice from the Ontario Securities Commission that found it failed to meet certain disclosure obligations in its segregated funds and variable annuity guaranteed products.

The uncertain economic outlook also continued to press on the influential financials index, which fell 1.5 percent — the steepest drop among all declining sectors.

Manulife slid 0.8 percent to C$20.24, while Royal Bank of Canada (RY.TO) skidded 2.3 percent to C$44.06.

The S&P/TSX composite index .GSPTSE rose 62.54 points, or 0.64 percent, to 9,896.72, not much of a rebound considering the magnitude of the fall it recorded in the prior session.

“It looks tired,” John Kinsey, portfolio manager at Caldwell Securities Ltd, said of the TSX’s failure to post a meaty rebound after the triple-digit skid on Monday.

“It’s had a good run and I think it really wants to go down.”

Monday’s 453-point selloff, the TSX’s biggest point-fall since Dec. 1, came after a World Bank report poured cold water on any hopes for an early global economic recovery, saying prospects for the global economy remained “unusually uncertain”. [ID:nSGP000012]

$1=$1.15 Canadian Editing by Rob Wilson

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