March 29, 2011 / 3:25 PM / 8 years ago

CANADA STOCKS-TSX edges higher on miners, banks

   * TSX up 6.84 points at 13,899.57
 * Seven of the 10 main groups higher
 * Financials, miners gain while energy drags
 By Solarina Ho
 TORONTO, March 29 (Reuters) - Toronto’s main stock index see-sawed higher on Tuesday, in a modest reversal of the previous session’s loss of more than 1 percent, as mining and financial issues offset weaker oil and gas stocks.
 The heavily weighted financial sector rose 0.22 percent. Toronto-Dominion Bank (TD.TO) was the biggest mover on the positive side, rising 0.51 percent to C$84.46.
 “People are still looking for yields and the banks in particular are still carrying fairly respectable yields, particularly in view that we’ve already seen one or two dividend increases this year and we might see some more before the year is out,” said Michael Sprung, president of Sprung & Co Investment Counsel.
 The materials group gained 0.29 percent, with diversified miner Teck Resources TCKb.TO up 0.7 percent at C$51.86. Gold miners were split, with most managing to hang on to modest advances. Agnico Eagle (AEM.TO) was down 0.71 percent at C$64.19 while Barrick Gold (ABX.TO) was up 0.28 percent at C$49.88.
 A number of mining companies bucked the effects of softer gold and copper prices, both of which were well off record highs. Gold fell on expectations that interest rates could rise in Europe and the United States, while copper was pressured by softer demand from top consumer China and worries over large inventories. [MET/L] [GOL/]
 “In view of the selloffs we’ve had lately, people may be beginning look for positions or places to get into the market here,” said Sprung.
 At 10:39 a.m. (1439 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was marginally higher, up 6.84 points at 13,899.57. Seven of the 10 main groups were positive.
 Energy issues were the most influential movers on the downside, giving back 0.26 percent. Encana Corp (ECA.TO) fell 1.41 percent to C$32.91.
 Oil prices slipped for a third straight day on expectations that crude supplies in Libya could be swiftly restored while more bad news out of Japan on its nuclear crisis strained investor confidence. [O/R]
 “Everybody seems to be just looking for really good news. I haven’t seen anything that would cause confidence to abound ... people haven’t really taken a position on one side of the fence or the other,” said Sprung.
 “The last little while, we’ve had some not-so-good (economic) news, so that’s certainly putting some negative sentiment with respect to the prospect of the recovery being that robust going forward.”
 In individual corporate news, Cameco Corp (CCO.TO) was off 1.92 percent, extending Monday’s losses, after Canadian Imperial Bank of Commerce cut its price target on the uranium miner to C$43 from C$46.
 Cameco has also been hit by heightened concerns over future uranium demand in the wake of the Japanese disaster. [ID:nN28187201] [ID:nWNAB1181]
 Lululemon Athletica LLL.TO extended Monday’s run, climbing 3.36 percent to C$85.92 after the high-end yoga wear company said it would split its common and special voting shares on a two-for-one basis. [ID:nN28207842]
 ($1=$0.98 Canadian)  (Editing by Rob Wilson)                                        

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