Toronto stock market report july 19 2011

Toronto stock market report july 19 2011 : Oil and mining stocks helped push the Toronto stock market higher Tuesday amid rising crude and copper prices while some strong U.S. earnings reports helped briefly divert investor attention from government debt worries.

The S&P/TSX composite index gained 74.85 points to 13,329 while the TSX Venture Exchange edged 6.81 points lower to 1,997.69. Analysts point to the current wave of uncertainty surrounding the European government debt crisis as one reason the Bank felt it can't raise rates now.

Oil prices rose above $97 a barrel Tuesday amid a survey by Platts, the energy information arm of McGraw-Hill Cos., that crude inventories likely fell by 1.3 million barrels last week while gasoline supplies probably dropped 450,000 barrels.

The August crude contract on the New York Mercantile Exchange gained $2.10 to US$98.03 a barrel and the energy sector rose almost two per cent. Suncor Energy (TSX:SU) gained 99 cents to $38.54 while Canadian Natural Resources (TSX:CNQ) climbed $1.15 to $40.64.

The base metals sector gained 2.3 per cent as metal prices also ran ahead with the September copper contract up eight cents to US$4.48 a pound. Teck Resources (TSX:TCK.B) was up $1.17 to $50.20 while Lundin Mining (TSX:LUN) rose 23 cents to $7.05.

The tech sector was up almost one per cent in the wake of a strong earnings report from IBM. Celestica (TSX:CLS) gained 15 cents to $7.85 and CGI Group (TSX:GIB.A) advanced 16 cents to $22.40.

Financials were also supportive as Royal Bank (TSX:RY) gained 33 cents to $52.78 and Manulife Financial (TSX:MFC) was up 22 cents to $15.79.

TD Ameritrade Holding Corp. (NASDAQ:AMTD), a U.S. discount brokerage that is 40 per cent owned by Canada's TD Bank (TSX:TD), reported that its third quarter net earnings fell to US$157 million from $179 million a year ago.

TD said the subsidiary's earnings will contribute C$48 million to its own third quarter income and its shares climbed 53 cents to $78.81.

The gold sector was the weakest group as bullion prices moved down slightly from Monday's latest record close, down $1.70 to US$1,600.70 an ounce. Barrick Gold Corp. (TSX:ABX) faded 64 cents to $46.39 while Goldcorp Inc. (TSX:G) fell $1.12 to $51.67.