CANADA STOCKS-TSX relief rally snaps 7-day decline

Thu Jun 9, 2011 4:33pm EDT
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* TSX ends up 71.95 points, 0.6 pct, at 13,255.74

* Eight of 10 index sectors higher (Updates to close, adds details, comments)

By Claire Sibonney

TORONTO, June 9 (Reuters) - Toronto's main stock index bounced back on Thursday from a seven-day fall as some positive U.S. economic data and higher commodity prices prompted investors to pick up worn-down shares.

Data that showed record-high U.S. exports and a smaller trade deficit in April eased fears about a stalled U.S. economic recovery that had weighed on the market for days. [ID:nN09117731]

The data helped economically sensitive financial stocks rise 0.4 percent. Among them, Royal Bank of Canada RY.TO was the index's second most heavily weighted gainer, rising 0.9 percent to C$54.86.

Resource shares led the advance, with the index's materials group up 1.5 percent and the energy group up 0.3 percent as U.S. crude futures and gold prices marched higher. [O/R] [GOL/]

Corn futures Cc1 also hit a record high, spurring a rally in fertilizer shares. Potash Corp POT.TO was the most influential climber on the index, jumping 3.4 percent to C$53.98, while Agrium Inc AGU.TO rose 2.6 percent to C$82.49.

"We're seeing some buyers coming back into the market and nibbling a little bit," said David Cockfield, senior vice president and portfolio manager at MacNicol and Associates Asset Management.   Continued...