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The screens at the TMX Broadcast Centre in Toronto show the closing numbers of the TSX on July 11, 2012. (Matthew Sherwood For The Globe and Mail)
The screens at the TMX Broadcast Centre in Toronto show the closing numbers of the TSX on July 11, 2012. (Matthew Sherwood For The Globe and Mail)

The open: Broad gains for the TSX Add to ...

The Toronto stock market started the session higher Thursday on broad gains across most major sectors as tension over Egypt’s political strife subsides.

The S&P/TSX composite index moved up 44.30 points to 12,189.98 shortly after open.

The Canadian dollar rose 0.11 of a cent to 95.26 cents US.

U.S. markets are closed for the Independence Day holiday, which will put most attention on developments overseas.

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In Egypt, the country’s first democratically elected president, Mohammed Morsi, has been removed from office by the armed forces.

Meanwhile, in Portugal, the governing coalition continues to look shaky, a situation that earlier this week raised the spectre of Europe’s debt crisis returning to a boil.

Investors around the world were also keeping a close watch on the price of oil, which eased slightly but remains above $100 (U.S.) a barrel for the first time since May 2012. The August crude contract on the New York Mercantile Exchange was down 17 cents to $101.07 a barrel.

Egypt is not an oil producer but its control of the Suez canal – one of the world’s busiest shipping lanes, which links the Mediterranean with the Red Sea – gives it a crucial role in maintaining global energy supplies.

Meanwhile, August gold bullion dropped $4.30 to US$1,247.60 an ounce on the Nymex.

On the TSX, energy stocks fell 0.4 per cent with Encana Corp. dropping four cents to $17.89.

The gold sector was half a per cent higher as Barrick Gold gained 19 cents to $15.70.

Overseas, Britain’s FTSE 100 index was up 2.9 per cent to 6,412. Germany’s DAX rose 2.1 per cent to 7,995, and France’s CAC 40 was up 2.8 per cent to 3,807.

Earlier in Asia, Hong Kong’s Hang Seng index was the strongest gainer, rising 1.6 per cent to 20,468.67. China’s Shanghai Composite rose 0.6 per cent to 2,006.10.

Tokyo’s Nikkei 225 bucked the trend, slipping 0.3 per cent to 14,018.93, despite remarks from Bank of Japan governor Haruhiko Kuroda that the country’s economy is headed for recovery. The yen strengthened.

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