CANADA STOCKS-TSX closes above 12,000 on recovery optimism

Wed Sep 1, 2010 4:36pm EDT
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* TSX up 89.92 points, or 0.75 percent, at 12,003.78

* Index closes at highest level since May 14

* Eight of index's 10 main sectors higher (Updates to close, adds quotes)

By Jennifer Kwan

TORONTO, Sept 1 (Reuters) - Toronto's main stock index notched its highest close in more than 15 weeks on Wednesday as U.S. and overseas economic data stoked optimism about global recovery.

Toronto took its cue from world stock markets, which rallied on stronger economic numbers from China and Australia and on a closely watched report that showed the U.S. manufacturing sector expanded more quickly than expected in August. [ID:nN01115648]

In China, the manufacturing sector rebounded in August after slowing for several months, while Australia's economy grew at the fastest pace in three years last quarter.

Those rosy readings sent oil prices sharply higher, while copper hit multi-month highs, pushing up the TSX index's resource-linked sectors. [O/R] [MET/L]

Suncor Energy (SU.TO: Quote) rallied 4.7 percent to C$33.73, while First Quantum Minerals (FM.TO: Quote) shot up 5.7 percent to C$64.96. Teck Resources TCKb.TO jumped 5.5 percent to C$37.64.   Continued...