CANADA STOCKS-TSX rises as Wall St returns; materials lead climb
* TSX rises 59.12 points, or 0.45 percent, to 12,436.17 * Materials and financial sectors drive gains * Potash rises after Israel Chemical takeover report * Cenovus up 2 percent after upgrade By John Tilak TORONTO, Oct 31 (Reuters) - Canada's main stock index rose on Wednesday, led by the materials sector, which benefited from a gain in Potash Corp after the fertilizer maker ramped up efforts to acquire a smaller rival. The materials group rose 0.87 percent, having the biggest influence on the index, on a rise in commodity prices and news that Potash Corp confirmed its interest in increasing its ownership stake in Israel Chemical Ltd. Potash shares were up 1.15 percent at C$40.43. Volumes on Toronto's stock market picked up as U.S. equity markets resumed trading after a two-day closure due to monster storm Sandy. "There's a feeling of confidence. It isn't going to go overboard. It is managed confidence that we're seeing is reflected in the market," said Fred Ketchen, director of equity trading at ScotiaMcLeod. The Toronto Stock Exchange's S&P/TSX composite index was up 59.12 points, or 0.45 percent, at 12,436.17. Nine of the 10 main subgroups were positive. Financial stocks were up 0.58 percent, led higher by Royal Bank of Canada's 0.9 percent rise to C$57.44. Toronto-Dominion Bank, Canada's second-largest bank, rose 0.67 percent to C$81.65. The lenders played the biggest role of any two stocks in leading the market higher. The energy sector was up 0.05 percent, led by Cenovus Energy Inc. The stock rose 2 percent to C$35.47 after SocGen recommended that investors buy the stock, compared with its earlier "hold" opinion. Commodity prices were driven higher as recovery efforts began following Sandy, one of the biggest ever storms in U.S. history. Brent crude rose about $109 a barrel, though the gains were limited by concerns over demand impact on the United States. Gold prices rose to their highest in a week.
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