CANADA STOCKS-TSX rebounds as Greece, China hopes calm markets

Fri Jul 10, 2015 5:19pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 132.58 points, or 0.93 percent, at 14,411.07

* Eight of the TSX's 10 main groups rise; resource stocks lag

By Alastair Macdonald

TORONTO, July 10 (Reuters) - Canada's main stock index jumped on Friday, with investors shrugging off heavy losses from earlier in the week as worries over the Greek debt crisis abated and once-slumping Chinese equities gained strongly for a second straight session.

The Toronto Stock Exchange's S&P/TSX composite index ended up 132.58 points, or 0.93 percent, at 14,411.07. It fell 1.8 percent over the course of a volatile week.

"Heading into the week people were talking about 'Grexit', and in the last 24 to 48 hours, it feels like a breakthrough," said Manash Goswami, a portfolio manager at First Asset Investment Management.

"I'm not sure if it's a relief rally, if we're coming off oversold levels, or if it's just people saying it looks like something is going to get done in Europe."

Greece's prime minister appealed to his party's lawmakers to back a tough reform package after abruptly offering creditors last-minute concessions to try to save the country from financial meltdown.   Continued...