CANADA STOCKS-TSX bounces 1 percent as resources, banks rally

Mon Aug 10, 2015 11:29am EDT
 
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(Updates throughout with analyst comment, market reaction)

* TSX up 142.65 points, or 1 percent, to 14,445.35

* Seven of the TSX's 10 main groups were higher

By Solarina Ho

TORONTO, Aug 10 (Reuters) - Canada's main stock index rebounded on Monday from Friday's losses, rising more than 1 percent as key sectors like financials, energy, and materials saw robust gains.

"It's a relief rally, truthfully," said John Stephenson, President & CEO at Stephenson & Company Capital Management.

"Earnings have been decent, so that's a plus. So you've got a little bit of a pick up in some of the commodities, though not much. You had Shanghai and the Asian markets up overseas."

Four of the five biggest positive drivers on the TSX were banks and insurers. The group, which make up roughly a third of the index, climbed 1.1 percent, with Royal Bank of Canada rising 1.2 percent to C$77.27, and Toronto-Dominion Bank advancing 1.1 percent to C$52.97.

At 11:13 a.m. ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 142.65 points, or 1 percent, to 14,445.35. The index touched a session high of 14,452.97.   Continued...