TSX inches up
TORONTO (Reuters) - Toronto's main stock index went for a wobbly ride yesterday and ended slightly higher as gains in its heavyweight energy and financial sectors were offset by weaker gold and technology shares.
The energy sector, up 1.1 percent, was the biggest gainer as US crude prices settled above $82 a barrel after bright US economic data spurred optimism about recovery in the world's largest energy consumer.
Suncor Energy Inc., Canada's biggest oil company, rose almost three percent to C$32.90, while natural gas major EnCana Corp. was up one percent at C$31.31.
"That might be the one bright spot. Everything is semi-shut down now and I think that it's just kind of a ho-hum market," said John Kinsey, a portfolio manager at Caldwell Securities, referring to the Passover holiday this week and the upcoming Easter long weekend.
US consumer confidence rebounded in March, while home prices rose in January for the eighth straight month according to a closely watched housing index, bolstering hopes for a sustainable economic recovery.
The index's heavyweight financial sector added 0.2 percent, with Royal Bank of Canada, the country's biggest bank, ahead 0.5 percent at C$59.75, and Toronto-Dominion Bank rising 0.6 percent to C$76.05.
"(The banks have) all had very good runs, most of them are up 20 percent since the lows," Mr. Kinsey said.
The head of Royal Bank's wealth management unit said yesterday it is looking to build up its asset management business through acquisitions outside Canada, while the chief executive of TD, Canada's No.2 lender, said it was the only big bank in the US to expand its lending book in 2009.
The Toronto Stock Exchange's S&P/TSX composite index closed 14.49 points, or 0.12 percent, higher at 12,044.21. It was a second-straight session of gains.
In morning trade, the TSX dipped into negative territory after opening a touch higher.
On the downside, BlackBerry maker Research In Motion tumbled 1.3 percent to C$76.26 following a report that smartphone rival Apple Inc. was developing a new iPhone for Verizon Communications.