CANADA STOCKS-TSX rises on hopes for Greek aid, commodities

Tue Feb 9, 2010 5:10pm EST
 
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 * TSX up 158.94 points, or 1.43 pct, at 11,274.24
 * Materials, up 4.1 percent, lead way higher
 * Greece bailout speculation spurs rebound
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Feb 9 (Reuters) - Toronto's main stock index
rallied on Tuesday as commodity prices got a lift from a weak
U.S. dollar and investors sought riskier assets on speculation
that a rescue plan was in the works for Greece's debt
problems.
 Barrick Gold Corp (ABX.TO: Quote) topped the list of gainers,
rising 3.5 percent to C$38.35, while Potash Corp of
Saskatchewan (POT.TO: Quote) was up 3.4 percent at C$113.10. Royal
Bank of Canada (RY.TO: Quote) climbed 1.4 percent to C$53.81.
 Stock markets were boosted by speculation that a special
European Union summit, scheduled for later in the week, would
introduce initiatives to help fix Greece's debt woes.
 A senior German coalition source said on Tuesday that
European governments have agreed in principle to help heavily
indebted Greece. [ID:nSGE61801C] [MKTS/GLOB]
 People are "less stressed about sovereign debt issues," and
that was the impetus that helped drive a quick push up in the
market, said Paul Harris, portfolio manager at Avenue
Investment Management.
 "There was some news with the EU dealing with Greece and
that sort of helped ease some pain."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended the day 158.94 points, or 1.43 percent, higher
at 11,274.24, with eight of its 10 main groups rising. The
materials sector, home to fertilizer and mining companies, rose
4.1 percent, while oil and gas shares climbed 0.9 percent.
 The outlook for smoother euro zone waters fueled investors'
appetite for risk, pressuring the U.S. dollar and boosting
commodity prices, with gold rising above $1,070 an ounce and
oil topping $73 a barrel. [GOL/] [O/R]
 Suncor Energy (SU.TO: Quote) rose 1.8 percent to C$31.85, while
Goldcorp (G.TO: Quote) gained 4 percent to C$38.34.
 Fertilizer producer Agrium (AGU.TO: Quote) rose 4.4 percent to
C$64.77 after it reported a weaker fourth-quarter profit but
said it expected increased shipments to boost 2010 results.
[ID:nN09157157]
 Teck Resources (TCKb.TO: Quote), the country's largest base metals
miner, rose 5.1 percent to C$36.27 after it said it returned to
profit in the fourth quarter. [ID:nN08210504]
 The blue chip S&P/TSX 60 index  closed 9.99 points,
or 1.54 percent, higher at 659.78.
 ($1=$1.07 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)