CANADA STOCKS-TSX soars nearly 2 pct as oils, banks rebound

Wed Jun 2, 2010 5:31pm EDT
 
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* TSX up 208.70 points, or 1.8 percent, at 11,780.67

* Energy, financials, materials lead rally

* Bombardier rises almost 5 percent (Adds details, quotes)

By Claire Sibonney

TORONTO, June 2 (Reuters) - Toronto's main stock index surged on Wednesday after a steep selloff the day before, as upbeat investors scooped up beaten-down shares including heavyweight energy and banking issues.

Powerhouse energy stocks shot up 3.2 percent, as the price of oil rose, with the sector reversing nearly all losses from Tuesday. [O/R]

The biggest gainers included Suncor Energy (SU.TO: Quote), up 4.3 percent at C$33.17, Canadian Natural Resources (CNQ.TO: Quote), which rose 4.4 percent to C$36.68, and EnCana Corp (ECA.TO: Quote), up 5.3 percent at C$33.90.

"People are trying to judge the swings in the market," said John Kinsey, portfolio manager at Caldwell Securities.

"We seem to have one pretty bad day followed by one pretty good day ... they're kind of bottom-fishing."   Continued...