By Nina Lex
TORONTO, July 3 (Reuters) - Toronto's main stock index rose on Friday morning, boosted in part by Teck Resources Ltd's equity sale to China Investment Corp.
Teck said on Friday it will sell a 17.2 percent stake to state-owned CIC through a private placement that will raise C$1.74 billion ($1.5 billion).
Teck shares rose 3.3 percent to C$19.19 and helped boost the broader materials sector, which climbed 0.75 percent.
'The main story on a very quiet with no volume day is the Teck story,' said Francis Campeau, a broker at MF Global Canada in Montreal. 'It has been interpreted by the market as a positive.'
At 10:27 a.m. (1427 GMT), the S&P/TSX composite index was up 31.33 points, 0.31 percent, at 10,277.24 Six of its 10 main groups were higher. Trading was thin with influential U.S. markets closed to observe the Independence Day holiday.
Financials rose 0.62 percent after the sector fell for two straight sessions. Manulife Financial was up 1.06 percent at C$20.03.
On the downside, the big energy sector fell 0.05 percent as the price of oil dropped below $67 a barrel. Petro-Canada was down 0.48 percent at C$41.76 and Suncor Energy sagged 0.33 percent to C$33.07.
Activity in Toronto, which often takes its cue from U.S. equities, was expected to remain subdued throughout the day, given the U.S. holiday.
'I think it is going to be extremely quiet today,' Rick Hutcheon, president and chief operating officer at RKH Investments.
($1=$1.16 Canadian)
(Additional reporting by Jennifer Kwan; editing by Rob Wilson) Keywords: MARKETS CANADA STOCKS (nina.lex@thomsonreuters.com;+1 416 941-8098) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
TORONTO, July 3 (Reuters) - Toronto's main stock index rose on Friday morning, boosted in part by Teck Resources Ltd's equity sale to China Investment Corp.
Teck said on Friday it will sell a 17.2 percent stake to state-owned CIC through a private placement that will raise C$1.74 billion ($1.5 billion).
Teck shares rose 3.3 percent to C$19.19 and helped boost the broader materials sector, which climbed 0.75 percent.
'The main story on a very quiet with no volume day is the Teck story,' said Francis Campeau, a broker at MF Global Canada in Montreal. 'It has been interpreted by the market as a positive.'
At 10:27 a.m. (1427 GMT), the S&P/TSX composite index was up 31.33 points, 0.31 percent, at 10,277.24 Six of its 10 main groups were higher. Trading was thin with influential U.S. markets closed to observe the Independence Day holiday.
Financials rose 0.62 percent after the sector fell for two straight sessions. Manulife Financial was up 1.06 percent at C$20.03.
On the downside, the big energy sector fell 0.05 percent as the price of oil dropped below $67 a barrel. Petro-Canada was down 0.48 percent at C$41.76 and Suncor Energy sagged 0.33 percent to C$33.07.
Activity in Toronto, which often takes its cue from U.S. equities, was expected to remain subdued throughout the day, given the U.S. holiday.
'I think it is going to be extremely quiet today,' Rick Hutcheon, president and chief operating officer at RKH Investments.
($1=$1.16 Canadian)
(Additional reporting by Jennifer Kwan; editing by Rob Wilson) Keywords: MARKETS CANADA STOCKS (nina.lex@thomsonreuters.com;+1 416 941-8098) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.