CANADA STOCKS-TSX hits 10-week high on upbeat data

Wed Sep 1, 2010 10:43am EDT
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* TSX up 79.08 points at 11,993.44

* Index hits highest level sine June 21

* Financials, resources lead way

* Gold miners drag (Adds details, commentary)

By Claire Sibonney

TORONTO, Sept 1 (Reuters) - Toronto's main stock index shot to its highest level in more than 10 weeks on Wednesday, as heavily weighted financial and resource issues rallied after global manufacturing data beat expectations.

China's purchasing managers' index staged a moderate rebound in August, after slowing for several months under the onslaught of government measures to rein in credit and deter property speculation. As well factory activity also picked up in the United States. [ID:nTOE68001O] [ID:nN01115840]

In response to the data, oil rose to nearly $74 a barrel and copper hit multi-month highs, sending TSX energy stocks up 1.7 percent and base-metal miners ahead 4.8 percent. [O/R] [MET/L]

Suncor Energy (SU.TO: Quote) rose 2.6 percent to C$33.05, while Teck Resources TCKb.TO jumped 4.5 percent to C$37.27.   Continued...