CANADA STOCKS-TSX gets lift from German data, Bernanke

Mon Mar 26, 2012 10:34am EDT
 
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* TSX up 71.32 points, or 0.57 pct, at 12,536.98

* Eight of 10 main sectors higher

* Materials, energy lead way up

By Jennifer Kwan

TORONTO, March 26 (Reuters) - Toronto's main stock index climbed on Monday, supported by higher materials and energy issues, as German data and comments by U.S. Federal Reserve Chairman Ben Bernanke lifted investors' confidence about the global economic outlook.

Gainers included Suncor Energy, up 0.7 percent at C$33.02 as the price of oil steadied following a Friday's sharp sell-off.

Goldcorp Inc climbed 1.1 percent to C$45.08 as bullion shot higher after Bernanke said faster growth will be needed to lower unemployment, suggesting the central bank would continue supportive monetary policies.

Toronto followed other stock markets higher after data showed German business sentiment rose unexpectedly for the fifth month in a row in March. The upbeat reading suggested that Europe's largest economy is more resilient than others tied to the euro-zone debt crisis.

Bernanke's comments pushed equities higher and the U.S. dollar lower.   Continued...