By Solarina Ho
TORONTO, May 17 (Reuters) - Toronto's main stock index finished higher on Tuesday, extending Monday's gains, lifted by strength in mining and financial issues.
The overall materials sector was up 0.91 percent, while the mining subgroup was ahead 1.28 percent. Fertilizer giant Potash Corp led the way with a 2.65 percent rise to C$52.31, helped by a 3 percent jump in U.S. wheat and corn futures, as harsh weather slowed planting and damaged crops.
Diversified miner Teck Resources jumped 3.43 percent to C$46.74, despite a retreat by copper prices. Copper closed lower for the first time in four sessions, weighed down by a firmer greenback and disappointing economic data.
'We've seen in the last few weeks quite a bit of volatility in the commodities space,' said Youssef Zohny, a portfolio manager with Van Arbor Asset Management.
'The fact that commodity prices are consolidating and stabilizing a bit is definitely putting more confidence in equities and you're starting to see some investors pick up some shares after last week's correction.'
The influential financial sector saw a 0.65 percent gain, with all six big banks finishing higher. Toronto-Dominion Bank led the way with a 1.34 percent rise to C$83.34, while Bank of Nova Scotia was up 0.95 percent at C$58.16.
'We're just getting a little bit of sector rotation,' said Bruce Latimer, a trader at Dundee Securities.
'We're just seeing some money go out of (precious metals) and going into the financials and others.'
The Toronto Stock Exchange's S&P/TSX composite index finished up 49.71 points, or 0.37 percent, at 13,441.06, but only four of its 10 main groups were higher. The index, which had slid for the previous three weeks, extended Monday's modest 0.11 percent gain.
'We've seen a fairly decent correction, we got some bargain hunters coming into the market,' said Zohny.
Telecoms and tech issues were the only other gainers, rising 1 percent and 0.06 percent respectively.
Research In Motion was ahead 1.87 percent at C$42.50. Prior to Tuesday's rise, the BlackBerry maker had seen its shares tumble nearly 30 percent this year.
'That stock's been heavily oversold for the last few days and weeks and months. So I think some people are trying to do some bottom-fishing on it,' said Latimer.
Energy stocks, which gyrated widely between positive and negative territory earlier in the session, finished down 0.05 percent. The swings mirrored choppy oil prices, as a batch of disappointing data fueled worries about the economy.
Penn West Petroleum was off 0.85 percent at C$27.94 while Imperial Oil rose 0.76 percent to C$45.22.
Energy companies could remain in focus as wildfires rage through northern Alberta and could cut Canadian oil production further over the next few days.
In individual company news, TMX Group shares were off 1.54 percent at C$43.37 after rising more than 5 percent in the previous session.
Investors continued to debate possible scenarios surrounding the operator of the Toronto Stock Exchange, following news that some of Canada's biggest banks and pension funds had challenged London Stock Exchange with a rival takeover proposal.
AbitibiBowater shares slumped 5.66 percent to C$24.00 after the newsprint maker posted disappointing first-quarter profit.
Transforce shares rose 2.6 percent to C$15.40 after the trucking firm said higher freight shipping rates would boost profits this year.
($1=$0.97 Canadian) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. 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, May 17 (Reuters) - Toronto's main stock index finished higher on Tuesday, extending Monday's gains, lifted by strength in mining and financial issues.
The overall materials sector was up 0.91 percent, while the mining subgroup was ahead 1.28 percent. Fertilizer giant Potash Corp led the way with a 2.65 percent rise to C$52.31, helped by a 3 percent jump in U.S. wheat and corn futures, as harsh weather slowed planting and damaged crops.
Diversified miner Teck Resources jumped 3.43 percent to C$46.74, despite a retreat by copper prices. Copper closed lower for the first time in four sessions, weighed down by a firmer greenback and disappointing economic data.
'We've seen in the last few weeks quite a bit of volatility in the commodities space,' said Youssef Zohny, a portfolio manager with Van Arbor Asset Management.
'The fact that commodity prices are consolidating and stabilizing a bit is definitely putting more confidence in equities and you're starting to see some investors pick up some shares after last week's correction.'
The influential financial sector saw a 0.65 percent gain, with all six big banks finishing higher. Toronto-Dominion Bank led the way with a 1.34 percent rise to C$83.34, while Bank of Nova Scotia was up 0.95 percent at C$58.16.
'We're just getting a little bit of sector rotation,' said Bruce Latimer, a trader at Dundee Securities.
'We're just seeing some money go out of (precious metals) and going into the financials and others.'
The Toronto Stock Exchange's S&P/TSX composite index finished up 49.71 points, or 0.37 percent, at 13,441.06, but only four of its 10 main groups were higher. The index, which had slid for the previous three weeks, extended Monday's modest 0.11 percent gain.
'We've seen a fairly decent correction, we got some bargain hunters coming into the market,' said Zohny.
Telecoms and tech issues were the only other gainers, rising 1 percent and 0.06 percent respectively.
Research In Motion was ahead 1.87 percent at C$42.50. Prior to Tuesday's rise, the BlackBerry maker had seen its shares tumble nearly 30 percent this year.
'That stock's been heavily oversold for the last few days and weeks and months. So I think some people are trying to do some bottom-fishing on it,' said Latimer.
Energy stocks, which gyrated widely between positive and negative territory earlier in the session, finished down 0.05 percent. The swings mirrored choppy oil prices, as a batch of disappointing data fueled worries about the economy.
Penn West Petroleum was off 0.85 percent at C$27.94 while Imperial Oil rose 0.76 percent to C$45.22.
Energy companies could remain in focus as wildfires rage through northern Alberta and could cut Canadian oil production further over the next few days.
In individual company news, TMX Group shares were off 1.54 percent at C$43.37 after rising more than 5 percent in the previous session.
Investors continued to debate possible scenarios surrounding the operator of the Toronto Stock Exchange, following news that some of Canada's biggest banks and pension funds had challenged London Stock Exchange with a rival takeover proposal.
AbitibiBowater shares slumped 5.66 percent to C$24.00 after the newsprint maker posted disappointing first-quarter profit.
Transforce shares rose 2.6 percent to C$15.40 after the trucking firm said higher freight shipping rates would boost profits this year.
($1=$0.97 Canadian) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. 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.