CANADA STOCKS-TSX higher on hopes for China recovery
* TSX up 1.79 percent at 7,768.54
* Energy leads TSX up as oil prices rise
* Chinese manufacturing data boosts resource stocks (Adds details, quote)
By Jennifer Kwan
TORONTO, March 4 (Reuters) - Toronto's main stock index rose on Wednesday morning, after touching a five-year low on Tuesday, on hopes for a recovery in China, which would boost the market's resource-based companies.
The Toronto market joined stock markets around the world in fighting back on Wednesday from multi-year lows as investors hunted for bargains after three days of steep losses. [nL4107311] U.S. stocks also opened higher after data showed signs of a rebound in China's manufacturing industries. [ID:nSP488798] [ID:nPEK16693]
"That obviously helps in turns of the Canadian market in particular the energy and mining sectors," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
"People are looking for some good news here."
The biggest contributors to the index's rise included a mix of energy and materials stocks with Suncor Energy SU.TO up 5.8 percent at C$26.46 and fertilizer producer Potash Corp of Saskatchewan (POT.TO: Quote) gaining 4.1 percent at C$103.15. Continued...