*
Atco climbs on Mexico pipeline ownership transfer
*
Filo Mining jumps to TSX top on brokerage rating upgrade
*
TD Securities rates Pet Valu "buy", shares soar
*
TSX up 0.2%
By Johann M Cherian March 30 (Reuters) - Canada's benchmark index opened higher for a fifth straight session on Thursday, boosted by gains in Filo Mining following a brokerage's bullish view on the stock, while easing worries over the banking sector turmoil also helped lift the mood.
At 10:11 a.m. ET (14:11 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 55.48 points, or 0.28%, at 19,893.13. Filo Mining Corp shares rose 4.8% after CIBC started the coverage of the miner with an "outperform" rating and a target price of C$38. The broader materials sector rose 0.1%.
The energy sector also inched up 0.1% in volatile trading, tracking strength in crude oil prices as a drop in U.S. crude stockpiles and a halt in exports from Iraq's Kurdistan region offset a smaller-than-expected cut to Russian supplies. Among other gainers were financials that added 0.4%, while the real estate sector gained 0.8%. Canadian equities are set to end the first quarter at 3% higher if gains hold.
"Things are feeling a lot better than they did a few weeks
ago, so people are allocating back to equities heading into
quarter end," said Greg Taylor, chief investment officer at
Purpose Investments.
"Commodities are doing a little better here so we are seeing
a little bit of strength in some of those related stocks."
Among the top performers on the index are tech ,
miners and utilities . After a recent spike
in investor concerns about a financial meltdown, banks are set to end the quarter down more than 1%.
Among stocks, Atco Ltd rose 1.0% after agreeing to
transfer ownership of an unfinished pipeline that has been
bogged down in a dispute with the Mexican state power company,
two officials told Reuters.
Pet Valu Holdings added 3.0% after TD Securities
started covering the pet-related retailer with a "buy" rating
and a price target of $45.
(Reporting by Johann M Cherian in Bengaluru; Editing by Anil
D'Silva)
