September 13, 2011 / 9:49 PM / 7 years ago

CANADA STOCKS-TSX pushes higher on banks, energy

   * TSX up 56.65 points, or 0.47 percent, at 12,205.48
 * Seven of 10 main sectors higher  (Adds analyst comments)
 By Trish Nixon
 TORONTO, Sept 13 (Reuters) - Toronto’s main stock index pushed higher on Tuesday, snapping a three day losing streak, as investors picked up beaten down shares of banks and energy companies.
 But pervasive worries over euro zone debt limited gains, with investors hesitant to buy riskier commodity stocks despite rebounding resource prices. [MET/L] [GOL/]
 “We’re still looking at fairly defensive market action,” said Levente Mady, market strategist at Union Securities.
 “With oil and gold and everything else up, you’d expect the energy sector to be a little bit stronger and materials to do well.”
 The heavyweight financial sector led the index’s gains, rising 0.88 percent. Toronto-Dominion Bank (TD.TO) added 1.7 percent to C$73.85, while Bank of Nova Scotia (BNS.TO) advanced 1.3 percent to C$51.45.
 Energy issues were up 0.6 percent, lifted by U.S. oil futures, which rose above $90 to their highest level in five weeks. Cenovus Energy (CVE.TO) was up 1.9 percent at C$31.90. [O/R]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 56.65 points, or 0.47 percent, at 12,205.48. Seven of the 10 main sectors were higher.
 The index closed down more than 200 points on Monday on escalating fears that Greece was on the tipping point of default.
 “This rollercoaster of volatility will continue until markets are calmed that Greece’s issues are swept under the rug,” said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services. 
 Precious metal miners dragged materials down 0.1 percent, even the price of gold rallied one percent. Goldcorp (G.TO) was down 2.3 percent at C$51.32, and Kinross Gold (K.TO) fell 0.9 percent at C$16.84.
 Silvercorp Metal (SVM.TO) dropped 20.3 percent to C$6.20 after regulators said they were seeking information from the author of an anonymous letter accusing the China-focused miner of fraud. [ID:nS1E78B1IS]
 ($1=$0.99 Canadian)  (Editing by Jeffrey Hodgson and Rob Wilson)                 

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