3 Min Read
(Updates market action with details on influential movers and analyst's comments)
* TSX up 95.85 points, or 0.67 percent, at 14,374.34
* Eight of the TSX's 10 main groups rise
By Solarina Ho
TORONTO, July 10 (Reuters) - Canada's main stock index rose on Friday on market optimism that the recent turmoil over the Greek debt crisis and China's stock market dive has calmed down.
Investors were hopeful that last-minute concessions by debt-laden Greece could result in a deal with its global creditors. In China, stocks, which had been plunging on panic selling, found some stable ground after support measures from Beijing appeared to be working.
"Everything's settled down at least for one day. We're in this 'two steps forward, one step backwards'. Today, I guess, we're going two steps forward," said John Kinsey, portfolio manager at Caldwell Securities.
Valeant Pharmaceuticals International, always influential in index moves, rose 2.52 percent to C$290.56, to lead the gainers, while financial names filled the rest of the top five biggest index boosters.
Royal Bank of Canada advanced 1.2 percent to C$76.38, followed by Toronto-Dominion Bank, which added 1.13 percent to C$52.39.
The overall financial group, which has been under some pressure recently, climbed 1.1 percent. Health care stocks rose 1.4 percent.
At 10:54 a.m. EDT (1454 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 95.85 points, or 0.67 percent, at 14,374.34.
Of the index's 10 main groups, eight advanced.
Energy stocks were among the main decliners, falling 0.6 percent as crude prices dipped on demand worries, offsetting the upbeat tone out of Greece and China.
U.S. crude prices were down 1.1 percent at $52.21 a barrel, while Brent crude lost 0.8 percent to $58.14.
Six of the 10 biggest drags on the TSX were oil and gas-related names, with Crescent Point Energy topping the list. Its shares fell 2.8 percent to C$24.30.
"Commodities are still hurting the Canadian market," Kinsey said.
The mining-heavy materials group also dragged on the sector as gold miners Goldcorp Inc and Agnico Eagle Mines Ltd both fell. Goldcorp was off 1.5 percent at C$20.87, while Agnico was down 2.1 percent at C$35.58.
Advancing issues outnumbered declining ones on the TSX by 153 to 82, for a 1.87-to-1 ratio on the upside. The index was posting 11 new 52-week lows.
Reporting by Solarina Ho; Editing by Peter Galloway