April 27, 2010 / 3:23 PM / 9 years ago

CANADA STOCKS-TSX little changed as financials, techs rise

* TSX up 0.3 percent at 12,315.50 at 10:46 a.m.

* Banks, techs, telecoms lead rebound

* Research In Motion adds to Monday’s gains

By Claire Sibonney

TORONTO, April 27 (Reuters) - Toronto’s main stock index was little changed on Tuesday morning, paring earlier losses in a rally by financial, technology and telecoms issues.

Heavily weighted financial shares gained 0.4 percent as Royal Bank of Canada (RY.TO), the country’s biggest lender, added 0.5 percent to C$62.51 and No. 2 Toronto-Dominion Bank (TD.TO) rose 0.2 percent to C$76.81.

“You’re seeing a little bit of positive sentiment on a lot of the financials yesterday and today,” said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.

On Tuesday, Royal Bank was upgraded to “outperform” from “market perform” by BMO Capital Markets, while Genuity Capital Markets raised its price targets for all of Canada’s six big banks. [ID:nSGE63P0Q0] [ID:nWNA9499]

Research in Motion RIM.TO was also among the top gainers as its shares rose 1.9 percent to C$74.25, extending gains from the day before, after the BlackBerry maker gave analysts a sneak peek at a revamped operating system for its smartphones and said it would launch it next quarter. [ID:nN26178007]

“They’re really pushing their expansion into China as being a very large area of growth for them in the future so I think that’s giving investors a little bit of hope on the stock in general,” added Zohny.

Telecoms were up 0.8 percent, with Rogers Communication (RCIb.TO), which owns Canada’s biggest wireless carrier, ahead 2.2 percent at C$36.22, a day ahead of its quarterly earnings report.

At 10:46 a.m. (1446 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 34.53 points, or 0.28 percent, at 12,315.50. The index opened lower and see-sawed around break-even before edging higher.

In commodities, the energy sector pared losses after oil slipped below $84 a barrel, pulled lower by nagging concerns that Greece’s debt woes could drag on the broader economic recovery. [O/R]

Suncor Energy Inc (SU.TO), Canada’s biggest oil producer, was up 0.8 percent at C$34.70, while natural gas major EnCana Corp (ECA.TO) jumped 1.8 percent to C$33.67.

In addition, copper hit a one-week low and gold prices firmed, sending the materials sector up 0.2 percent.

Barrick Gold Corp (ABX.TO), the world’s largest gold miner, rose 0.5 percent to C$40.80, while Teck Resources TCKb.TO, the country’s biggest base-metals miner, plunged more than 3 percent to C$41.92.

Another base-metals miner Inmet Mining IMN.TO dropped 0.8 percent to C$56.61, despite reporting higher first-quarter profit and revenue. [ID:nN27212723]

“A lot of strong earnings have been priced in, essentially, so really even beating expectations is really not enough to lift stocks as most people have been anticipating really strong earnings reports in general,” said Zohny. (Reporting by Claire Sibonney; editing by Rob Wilson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below