September 27, 2010 / 2:36 PM / 8 years ago

CANADA STOCKS-TSX treads carefully higher after recent gains

 *TSX up 14.86 points, or 0.12 percent, 12,219.72
 *9 of index’s 10 main sectors higher  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Sept 27 (Reuters) - Toronto’s main stock index was slightly higher on Monday morning, supported by firmer energy and mining shares, but trade was largely muted as investors stayed on the sidelines after the market’s recent strength.
 Index sectors supporting the push higher included energy, up 0.3 percent, and materials, which climbed 0.2 percent, even though some underlying commodity prices slipped. [O/R] [MET/L]
 Oil company Canadian Natural Resources (CNQ.TO) rose 0.4 percent to C$34.02, while miner Teck Resources TCKb.TO was up 1.5 percent at C$40.96.
 “We’ve had markets that have been doing not too badly for the last three or four weeks,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.
 “Probably under those circumstances I wouldn’t find it strange that we’re hanging close to home here trying to decide where we go next.”
 At 10:14 a.m. (1414 GMT), the resource-heavy S&P/TSX composite index .GSPTSE was up 14.86 points, or 0.12 percent, 12,219.72, with nine of its 10 main sectors higher. The consumer staples fell 0.2 percent.
 In individual company news, Barrick Gold (ABX.TO), whose shares slipped 0.1 percent to C$47.41, said on Monday that gold prices could easily outperform recent record highs to rise above $1,500 an ounce in the next year. [ID:nLDE68Q0ZY]
 Takeover target Potash Corp POT.TO, up 0.4 percent at C$149.97, remained in the spotlight. BHP Billiton (BHP.AX) has cleared the first regulatory hurdle in its bid for Canada’s Potash but the miner still has a long way to go to pass the deal with Canadian authorities and the target’s shareholders. [ID:nN23243172]
 BlackBerry maker Research In Motion RIM.TO shed 1.1 percent to C$49.55 even though a top Abu Dhabi official said the United Arab Emirates is “very optimistic” about reaching an agreement in a dispute with RIM before an official deadline. [ID:nLDE68P025]
 ($1=$1.03 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                        

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