CANADA STOCKS-TSX bounces on commodities, euro zone hopes

Wed Jun 6, 2012 10:18am EDT
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* TSX up 127.27 points at 11,634.98
    * 7 of 10 index subsectors higher
    * Oil, gold and copper push up resources shares

    By Jennifer Kwan	
    TORONTO, June 6 (Reuters) - Canada's benchmark stock index
climbed on Wednesday morning, led by mining and energy shares on
signs of urgent moves in Europe to resuscitate the euro zone's
fragile economy.	
    The Toronto market followed global equities higher as
expectations grew that the financial crisis in Europe and a
deteriorating economic outlook would prompt major central banks
to embark on stimulus measures. 	
    The key pillars of materials, energy and financials pushed
the index higher as the price of oil, gold and copper rose.	
    Big names on the upside included Suncor Energy, up
2.6 percent at C$29.04, and Potash Corp, up 1.7 percent
at C$40.35. Teck Resources rose 4.1 percent to
    "Clearly the market has been oversold. There's been so much
negativity on the front pages of newspapers. It's on radio,
television, the Internet," said Irwin Michael, portfolio manager
at ABC Funds	
    "The markets will overshoot and undershoot. In this
particular incidence we think the market overshot on the
downside," he said of recent market losses. 	
    "There's been so much negativity baked into the stock market
that it didn't take very much, say, if things go from bad to
less bad -- that degree of improvement will obviously affect
stock prices."	
    At around 10:05 a.m. (1405 GMT), the Toronto Stock
Exchange's S&P/TSX composite index was up 127.27
points, or 1.1 percent, at 11,634.98, with seven of its 10
subsectors higher.	
    Barrick Gold , higher by a half percent at
C$43.91, said on Wednesday its board has ousted chief executive
Aaron Regent because of disappointment with the company's share
price performance and promoted chief financial officer Jamie
Sokalsky to the top job.