CANADA STOCKS-TSX buoyed by commodities, Greece deal

*TSX up 43.52 points at 12,254.22

*Financial, energy sectors lead index higher

By Claire Sibonney

TORONTO, May 3 (BestGrowthStock) – Toronto’s main stock index was
higher on Monday morning as strengthening oil prices and relief
that the Greek debt debacle had been stabilized by a record
bailout boosted heavily financial and energy shares.

The index’s energy sector was up 0.7 percent as Suncor
Energy Inc (SU.TO: ), Canada’s biggest oil company, gained 0.5
percent to C$34.93 and EnCana Corp (ECA.TO: ), the country’s
largest producer of natural gas, edged 0.3 percent higher to
C$33.69.

Oil rose above $86 a barrel, but concerns about the oil
spill in the United States threatened to pressure prices.

“You’ve got commodities a little bit better here today and
the market has just got a little bit of a bounce back in it,”
said Bruce Latimer, a trader at Dundee Securities, Latimer
said.

Among financial shares, Royal Bank of Canada (RY.TO: ), the
country’s biggest lender, jumped 1.4 percent to C$62.47, while
No. 2 Toronto-Dominion Bank (TD.TO: ) rose 0.9 percent to
C$76.21.

The index’s financial group as a whole rose 0.8 percent as
a German official said on Monday that Greece may not even need
to take advantage of the full volume of a 110 billion euro
($146 billion) bailout package agreed to by the euro zone and
International Monetary Fund. [ID:nBAT005388],

“The important thing is the issue is being addressed rather
than allowed to fester, so that’s certainly a step in the right
direction,” Latimer said.

Also encouraging the market were U.S. figures showing a
rise in consumer and construction spending. [ID:nN03193333]

At 10:20 a.m. (1420 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 43.52 points, or 0.36
percent, at 12,254.22. Seven of the 10 groups were higher.

Gold rose to a 2010 high but the move was not enough to
push gold-mining stocks higher as investors took profits after
a recent rally. [GOL/]

Barrick Gold Corp (ABX.TO: ), the world’s biggest bullion
producer, slumped 1.7 percent to C$43.56, while Goldcorp Inc
(G.TO: ) lost 1.4 percent at C$ 43.30.

Mid-cap gold miner Red Back Mining (RBI.TO: ) plunged more
than 5 percent to C$25.33, after releasing its quarterly
earnings. [ID:nWNAB5279]

Shaw Communications Inc (SJRb.TO: ) dropped 2.8 percent to
C$18.55, after it reached a deal with the debtholders of
Canwest Global Communications to acquire the television
operations of the bankrupt media company for C$2 billion ($1.97
billion) including assumed debt. [ID:nN03204463]

Torstar Corp was down more than 1 percent at C$11.05 after
the company submitted an offer to purchase Canwest’s newspaper
and digital businesses. [ID:nWNAB5288]

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($1=$1.01 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway)

CANADA STOCKS-TSX buoyed by commodities, Greece deal