CANADA STOCKS-TSX rises as resource stocks rally, Rona nearly doubles

Wed Feb 3, 2016 5:14pm EST
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(Adds portfolio manager quotes, details on U.S. dollar and Bombardier, updates prices)

* TSX ends up 150.76 points, or 1.21 percent, at 12,593.02

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

* Rona Inc almost doubles after takeover deal

By Fergal Smith

TORONTO, Feb 3 (Reuters) - Canada's main stock index rose on Wednesday as strength in commodity prices supported energy and mining stocks, while shares in home retailer Rona Inc almost doubled after a generous takeover deal.

The index snapped a two-day losing streak, rebounding from a one-week low earlier in the session as a weaker U.S. dollar helped drive commodity markets higher.

"This is all U.S. dollar related," said Norman Levine, managing director, Portfolio Management Corp.

Since resource markets are priced in U.S. dollars, a lower U.S. dollar has a very positive effect on resource prices, he added.   Continued...