CANADA STOCKS-TSX bounces on commodities, euro zone hopes
* 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 C$32.71. "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.
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