September 29, 2011 / 9:19 PM / 7 years ago

CANADA STOCKS-TSX climbs on U.S. data, German vote

 * TSX rises 100.45 points, or 0.87 percent, at 11,686.32
 * Nine of 10 sectors higher; banks drive gains
 By Trish Nixon
 TORONTO, Sept 29 (Reuters) - Toronto’s main stock market index rose on Thursday as stronger-than-expected U.S. economic data and German approval of a beefed-up euro-zone crisis fund helped ease two of the worst fears hanging over the market.
 But intense intra-day swings highlighted investor anxiety. The index retreated from an earlier jump of 1.5 percent and at times traded negative as traders reflected on the big challenges still ahead for the euro zone as policymakers work to prevent a crisis that began in Greece from spreading far beyond Europe. [ID:nL5E7KT2WC]
 “We’re in a market right now that’s looking for something to latch on to give it direction,” said Julie Brough, vice president at Morgan Meighen & Associates.
 “At the end of the day, there aren’t really resolutions to the problem. There’s inklings of hope, but we’ve seen so many of these things in Europe where you make some progress, but then you don’t get to the point where anything’s really implemented.”
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 100.45 points, or 0.87 percent, at 11,686.32. Nine of 10 sectors were higher.
 The financial sector closed 1.9 percent higher, driving the index’s gains. Bank of Nova Scotia (BNS.TO) was the top advancer as it jumped 2.4 percent to C$53.70. Toronto-Dominion Bank (TD.TO) gained 2 percent to C$75, and Royal Bank of Canada (RY.TO) added 1.9 percent to C$48.41.
 Energy issues rose 1 percent, helped by rising oil prices. Suncor Energy (SU.TO) rose 2.4 percent to C$27.71, and Cenovus Energy (CVE.TO) jumped 3.4 percent to C$33.22.
 Base-metal miners weighed. The TSX’s mining sub-group fell 1.5 percent as copper prices added to their monthly rout, down more than 1 percent on the day and more than 20 percent so far in September. [MET/L]
 First Quantum Minerals (FM.TO) was a top decliner, down 5 percent at C$14.40.
 Petrobakken Inc PBN.TO shares plunged by more than a fifth on Thursday on fears the company may have to suspend its lucrative dividend. [ID:nS1E78S1QO]  (Editing by Jeffrey Hodgson)                 

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