September 28, 2009 / 2:20 PM / 8 years ago

CANADA STOCKS-TSX up more than 1 percent in broad rally

 * TSX up 115.10 points at 11,327.49
 * All 10 TSX index sectors drive early gain
 * Strong corporate earnings anticipated
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Sept 28 (Reuters) - Toronto's main stock index was
comfortably higher on Monday morning in a broad rally as
anticipation of strong corporate earnings persuaded investors
to return to equities after last week's selloff.
 Gold-mining companies led the rally with shares of Barrick
Gold Corp ABX.TO rising 1.6 percent to C$40.17, while
Goldcorp G.TO shares were 1.3 percent higher at C$42.60.
 Investors also moved back into heavily weighted financials
after the sector slipped last week, driving the group up 1
percent early in the session.
 Shares of Royal Bank of Canada RY.TO rallied 0.8 percent
to C$57.48, while Toronto-Dominion Bank TD.TO shares were up
1 percent at C$68.19.
 At 10:10 a.m. (1410 GMT), the S&P/TSX composite index
.GSPTSE was up 115.10 points, or 1.03 percent, at 11,327.49.
 The TSX slipped 2 percent last week but investors jumped
back in to start the week ahead of quarter-end on Wednesday,
which will be followed shortly by the release of quarterly
results from Canadian companies.
 "There really seems to be a buy on dips mentality," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
MacTier. "The economic indicators continue to be good, I think
the earnings will be good and so the undertone is good even
though we've moved up a lot and people keep looking for that
big correction."
 The TSX is up 51 percent since falling to a five-year low
in March.
 ($1=$1.09 Canadian)
  (Editing by Peter Galloway)

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