CANADA STOCKS-TSX bounces back after 5-day selloff

Wed Apr 11, 2012 10:37am EDT
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* TSX up 64.41 points, or 0.54 pct, at 11,999.70
    * Shares hit 2012 low in previous session

    By Claire Sibonney	
    TORONTO, April 11 (Reuters) - Toronto's main stock index
opened higher on Wednesday after five straight days of losses
that took Canadian shares to their lowest level this year. 	
    Canadian shares took their cue from a rebound on Wall
Street, a day after aluminum producer Alcoa Inc surprised
investors with a first-quarter profit following a loss in last
year's fourth quarter. 	
    Among the most influential climbers, Suncor Energy 
rose 1.3 percent to C$30.06, Teck Resources was up 2.2
percent to C$35.57, and Royal Bank of Canada added 0.6
percent to C$56.28.	
    "Toronto is more oversold than New York at this stage," said
Ron Meisels, technical analyst and president of Phases & Cycles
in Montreal.	
    "The problem in Toronto as opposed to New York, it never
went anywhere since last November and New York was up
significantly," he added, noting the weighty resource sectors
have dragged heavily on the index.	
    At 10:22 a.m. (1422 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 64.41 points, or 0.54
percent, at 11,999.60.	
    The index broke below 12,000 in the previous session.
Meisels noted that 12,000 is not only a key psychological level
for investors but also the 50 percent correction point between
the lows of December and the highs of February. The next major
support level is eyed at 11,500.	
    "We peaked in February, then people just got turned off when
they saw that Toronto was already turning down, so a lot of
people went towards New York," said Meisels.	
    "But there is a ray of hope, given that we're nearing the
end of this bull move and given that Toronto usually does best
in the tail end of the market."	
    The string of selloffs over the last couple weeks was
prompted by a resurgence of fears about slowing global growth,
including a flare-up of European debt market concerns,
disappointing U.S. employment data and signs of soft domestic
demand in China.	
    In individual company news, Canada's Dollarama 
surged 7.2 percent to C$51.83 after the dollar-store chain
posted a higher fourth-quarter profit that beat analysts'