Banks, Blackberry Lead TSX Higher -- Canadian Commentary

(RTTNews) - Canadian stocks were slightly higher Tuesday, as rising financial stocks offset weakness in the energy sector.

The TSX Composite Index was up 35.39 points, or 0.23 percent, to 15,493.85, with markets relatively quiet after a terrorist attack killed 22 people at a pop concert in Manchester, UK.

Financials were up 0.7 percent, after Barclays said recent fears about Home Capital (HCG.TO) contagion are overblown.

"The banks have experienced some fairly dramatic weakness … largely stemming from spillover around the housing market generated by the drama surrounding Home Capital Group," Barclays wrote to clients. "We do not believe any near- or even medium-term concerns are warranted and view the decline in valuations as a now-compelling entry point."

BlackBerry (BB.TO) shares jumped 8 percent on hopes its technology will be implemented in new cars.

Uni-Select (UNS.TO) announced the appointment of Brent Windom to the position of president and chief operating officer for its Canadian Automotive Group. Uni-Select was recently rated "market perform" by analysts at BMO Capital Markets. Shares rose 2.9 percent.

Bombardier (BBD.B.TO) will use Ka-band wi-fi system for its Challenger 650 jet business aircraft. Shares slipped 0.8 percent.

The loonie jumped to its highest in a month after data showed Canadian wholesale sales rose 0.9% in March and surpassed the $60 billion mark for the first time.

Gains were recorded in four of seven subsectors, accounting for 60% of total wholesale sales, and were led by the building material and supplies subsector.