CANADA STOCKS-TSX higher as commodities, financials rally

Wed Jul 15, 2009 3:48pm BST
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* TSX up 2.01 percent at 10,187.05

* Index's materials group climbs 2.85 percent

* Energy up 2.55 percent as oil gains (Adds details, quote)

By Nina Lex

TORONTO, July 15 (Reuters) - Toronto's main stock index surged on Wednesday morning as firmer prices for oil and other commodities helped propel the resource-heavy index to its highest level in just over a week.

The mining-laden materials sector led the market's gain, up 2.85 percent. Barrick Gold (ABX.TO: Quote, Profile, Research) rose 2.06 percent to C$38.15 as gold prices rose. Fertilizer producer Potash Corp (POT.TO: Quote, Profile, Research) was up 1.33 percent at C$96.74 after days of losses due to worries about lower potash prices.

The energy sector rose 2.55 percent as the price of oil jumped to around $60 a barrel. Canadian Natural Resources (CNQ.TO: Quote, Profile, Research) gained 3.19 percent to C$59.89, Suncor Energy (SU.TO: Quote, Profile, Research) was up 3.18 percent at C$32.45, and EnCana (ECA.TO: Quote, Profile, Research) was up 2.11 percent at C$55.21.

At 10:22 a.m. (1422 GMT), the S&P/TSX composite index .GSPTSE was up 200.90 points, or 2.01 percent, at 10,187.05. Nine of its 10 main groups were higher.

The index's financial sector rose 2.15 percent, following world stocks higher after Intel Corp's (INTC.O: Quote, Profile, Research) solid quarterly results and outlook ID:nN15335023 inspired optimism about economic recovery.  Continued...

 
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