CANADA STOCKS-TSX rises after China data lifts commodities

Wed Jun 9, 2010 10:41am EDT
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* TSX up 58.27 points at 11,575.45

* Energy, mining lead index higher (Adds prices, details, quotes)

By Claire Sibonney

TORONTO, June 9 (Reuters) - Toronto's main stock index rallied on Wednesday as commodity prices got a boost following an unofficial report that China's May exports blew past expectations.

Sources said China's exports in the month rose about 50 percent from a year earlier, fueling a run to assets that would benefit from an economic rebound. The price of oil was up by $2 a barrel. [O/R] [ID:nTOE65805R]

The Toronto index's energy sector shot up 1.3 percent with Suncor Energy (SU.TO: Quote), the country's largest oil company, rising 1.7 percent to C$32.49, and Canadian Natural Resources (CNQ.TO: Quote) gaining 1.7 percent to C$36.75.

"That certainly helped some of the commodity markets, it's got a few of the commodities stocks moving here," said Bruce Latimer, trader at Dundee Securities, adding that there was also better sentiment due to Tuesday's equities rally.

The index's mining sub-sector rose 2.3 percent as the price of copper bounced up on expectations of higher demand from China, the world's largest consumer of industrial metals. [MET/L]

Teck Resources TCKb.TO, Canada's largest base-metals producer, jumped 2.1 percent to C$33.42, while First Quantum Minerals (FM.TO: Quote) soared 4.3 percent to C$52.19.   Continued...