CANADA STOCKS-TSX higher on hopes for China recovery

Wed Mar 4, 2009 10:51am EST
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* 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: Quote) 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...