January 31, 2011 / 3:47 PM / 8 years ago

CANADA STOCKS-Egypt unrest, economic data drive TSX higher

 *TSX up 62.67 points at 13,500.25
 *Eight of 10 sectors stronger  (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Jan 31 (Reuters) - Toronto’s main stock index pushed higher on Monday morning as energy stocks got a boost from the uprising in Egypt, while strong North American economic data brightened market sentiment.
 The index’s energy sector rallied 1.3 percent on fears that the unrest in Egypt could spread across the Middle East, a region that produces more than a third of the world’s oil. Suncor Energy (SU.TO) climbed 1.4 percent to C$40.59, while EnCana Corp (ECA.TO) advanced 1.6 percent to C$32.43
 “Energy prices are building a little bit of geopolitical premium in them and the sector itself is carrying over its strength from Friday,” said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.
 “We have uncertainty in the Middle East but at the same time we have some decent economic data.”
 Economically sensitive financials were 0.5 percent higher after data showed stronger-than-expected Canadian economic growth in November and higher U.S. consumer spending.
 Royal Bank of Canada (RY.TO) rose 0.8 percent to C$53.75, and Toronto-Dominion Bank (TD.TO) added 0.6 percent to C$74.93.
 “Canada is becoming a little more attractive in general ... whenever you see some uncertainty, especially coming out of the Middle East and Europe, it definitely gives Canadian financials a little bit of attention, a little bit more stability.”
 At 10:20 a.m. (1520 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 62.67 points, or 0.47 percent, at 13,500.25. Eight of the index’s 10 sectors were stronger, including base metal miners, up 0.5 percent, as the price of copper crept towards record highs.
 Limiting the rise, however, were gold-mining shares, down 0.6 percent, as the price of bullion extended losses. [GOL/]
 Also dragging on the index, Research In Motion RIM.TO dropped 1.6 percent to C$59.23 after India rejected on Monday the company’s offer to allow it only partial access to its BlackBerry data services. [ID:nSGE70U08L]
 ($1=$1.00 Canadian)  (Reporting by Claire Sibonney; editing by Peter Galloway)                                        

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