CANADA STOCKS-TSX ticks higher on mining strength

* TSX up 24.10 points, or 0.21 percent, at 11,567.57

* Bank of Canada raises rates, issues dovish statement

* Chinese stocks influence overcomes weak U.S. results
(Adds details, quote)

By Jennifer Kwan

TORONTO, July 20 (BestGrowthStock) – Toronto’s main stock index
climbed on Tuesday morning after opening lower as commodity
prices took their cue from strong Chinese equities, pushing up
the index’s heavily weighted resource issues.

The TSX’s materials sector, up 1.6 percent, led the move
higher [GOL/] [MET/L]. Barrick Gold (ABX.TO: ) rose 1.5 percent
to C$44.56, while Teck Resources (TCKb.TO: ) rallied 4 percent to

The TSX tracked the Shanghai composite index (.SSEC: ), which
rose 2 percent to its highest close in three weeks, buoyed by
property stocks, as investors gained confidence that Beijing’s
property policy would hold steady for the rest of the year
after a series of tightening steps. [MKTS/GLOB]

“We had a stronger Chinese stock market and the Chinese
stock market has been in the doldrums for a while. That’s
starting to show some signs of life,” said Barry Schwartz,
vice-president and portfolio manager at Baskin Financial

At 10:48 a.m. (1448 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 24.10 points, or 0.21
percent, to 11,567.57, with four of its 10 main groups higher.

Also helping to keep the index afloat was a rebound in oil
prices, which lifted energy shares 0.4 percent. Suncor Energy
(SU.TO: ) climbed 0.7 percent to C$32.77. [O/R]

Financials weighed to the downside, with Royal Bank of
Canada (RY.TO: ) off 0.5 percent at C$53.39, in line with
weakness in U.S. banks, after Goldman Sachs Group (GS.N: ) posted
lower quarterly earnings. [ID:nN19184420]

Other disappointing U.S. results included International
Business Machines Corp (IBM.N: ) and Texas Instruments Inc
(TXN.N: ).

“The market is trying to assess the impact of what happened
with the European debt crisis and the global slowdown on
corporate profitability so that’s really what the earnings
season is telling us,” said Jean-Francois Dion, vice-president
and portfolio advisor at RBC Dominion Securities.

“So far, the comments from management kind of suggest that
the impact is starting to be felt already.”

Elsewhere, the Bank of Canada raised its key interest rate,
as expected, but cautioned that the domestic and global
economic recovery would be slower than previously expected.

After the rate announcement, the Canadian dollar fell
slightly against its U.S. counterpart. [CAD/]

“It was a little more dovish than we expected, but I’d say
overall it was fairly close to expectations,” Dion said.

“We still think the Canadian market is driven much more by
what happens globally.”

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($1=$1.06 Canadian)
(Reporting by Jennifer Kwan; editing by Rob Wilson)

CANADA STOCKS-TSX ticks higher on mining strength