CANADA STOCKS-Resources boost TSX as market plays catch-up

Tue Aug 4, 2009 10:30am EDT
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* Stocks play catch-up after Monday holiday in Canada

* TSX gains 1.5 percent to 10,948.49

* Energy, materials sectors each rise more than 2 percent (Adds details)

By Ka Yan Ng

TORONTO, Aug 4 (Reuters) - Toronto's main stock index shot higher on Tuesday morning, led up by commodity-based stocks and playing catch-up with strength on world stock markets after Monday's holiday in Canada.

Sliding oil and metal prices had little effect on the resource-heavy market and big names in the index's materials and energy sectors advanced strongly.

The energy group rose 2.5 percent, while the materials group gained 2.4 percent. Top heavyweight advancers included oil producers Suncor Energy SU.TO, up 4.25 percent at C$36.32, and Petro-Canada PCA.TO, up 4.32 percent to C$46.41.

Other strong gainers were fertilizer producer Potash Corp POT.TO, up 2.6 percent at C$102.97, and oil company Canadian Natural Resources CNQ.TO, up 3.7 percent at C$67.14.

Suncor, which completed its C$22.5 billion acquisition of Petro-Canada on Saturday, said on Monday the deal was expected to reduce annual capital expenditures by C$1 billion. [ID:nBNG462020]   Continued...