Reuters: Mergers News: CANADA STOCKS-TSX gains on banks, energy issues

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

CANADA STOCKS-TSX gains on banks, energy issues Jun 5th 2012, 15:03 Tue Jun 5, 2012 11:03am EDT * TSX up 123.60 points at 11,459.37 * Nine of 10 subsectors higher, telecoms off slightly * U.S. economy's services data helps market mood * Miranda soars 62 pct on acquisition news By Jennifer Kwan TORONTO, June 5 (Reuters) - Canadian stocks were higher on Tuesday, recovering from two sessions of losses on strength in bank and energy issues and supported by better-than-expected U.S. services sector data that eased worries about slowing global growth. The pace of growth in the U.S. services sector picked up in May as a gauge of new orders improved, according to an industry report released on Tuesday. The Institute for Supply Management's services index edged up to 53.7 from 53.5 in April, a touch above economists' forecasts for it to hold steady. The data helped ease investor worries after a previous string of weaker North American data, which had battered market confidence amid a deepening euro zone crisis. The key energy, financial and materials sectors led Toronto's main stock index higher. Rising shares included Toronto-Dominion Bank, up 1.8 percent at C$77.85, and Royal Bank of Canada, which climbed 1.4 percent to C$50.27. Suncor Energy added 2.4 percent at C$28.36 and Encana gained 4.3 percent at C$20.52. But investors cautiously awaited developments from emergency talks among finance ministers of the Group of Seven industrialized nations to tackle the deepening euro zone crisis. "Until we get some concrete evidence they're coming up with a solution, markets will be range bound, and we're going to have each and every day lots of volatility," Barry Schwartz, portfolio manager at Baskin Financial Services, said of the broader euro-zone debt crisis. Still, Spain said on Tuesday that credit markets were closing to the euro zone's fourth biggest economy. At around 10:40 a.m. (1440 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 123.60 points, or 1.1 percent, at 11,459.37. Nine of its 10 main sectors were higher. The telecoms sector sagged 0.05 percent. Cable and networking product manufacturer Belden Inc said on Tuesday it would acquire Canadian rival Miranda Technologies Inc for C$377 million to increase its presence in niche markets. Miranda, the most heavily traded stock on the TSX, was up 62 percent at C$16.87. Canadian Pacific Railway, off 0.2 percent at C$72.83, said Paul Haggis has been elected chairman, three weeks after a bitter proxy battle with New York activist shareholder William Ackman led to top level resignations at Canada's second-biggest railroad. Link this Share this Digg this Email Reprints

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