CANADA STOCKS-Toronto hits two-week high in broad rally

Tue Nov 4, 2008 11:27am EST
 
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* Index above 10,000 for first time in two weeks

* Energy issues gain as oil rises above $68

* Talisman Energy up 9.4 pct as profit quadruples

TORONTO, Nov 4 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE jumped nearly 4 percent to hit a two-week high on Tuesday morning as commodity-related issues advanced as oil prices firmed on supply cuts.

Nine of the index's 10 main groups were higher, with the oil and gas sector and the materials group leading the way, climbing 5.65 percent and 8.4 percent respectively.

Oil accelerated above $68 after industry sources said Saudi Arabia had already made substantial cuts in supplies. [ID:nSP182808]

Talisman Energy TLM.TO rose 9.4 percent to C$12.76 as Canada's No. 4 independent oil explorer reported that its quarterly profit had quadrupled, the latest in a string of strong earnings from oil and gas companies. [ID:nN03372777]

Shortly after 11:10 a.m. (1610 GMT), the S&P/TSX composite index .GSPTSE was up 364.53 points, or 3.8 percent, at 10,085.79, climbing above the 10,000 level for the first time since Oct. 21.

The index closed lower in the past two days but the losses were not as substantial as they were in October, when the index dove nearly 17 percent.   Continued...