CANADA STOCKS-TSX higher on firm commodities, Alcoa results

Thu Jul 9, 2009 10:50am EDT
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* TSX up 0.68 percent at 9719.34

* Material sector rose 1.61 percent

* Alcoa's earning results boost markets (Adds details, quote)

By Nina Lex

TORONTO, July 9 (Reuters)- Toronto's main stock index was higher on Thursday morning as a rise in commodity prices gave a boost to the resource-heavy market, while forecast-beating results from U.S. bellwether Alcoa helped lift sentiment.

Aluminum giant Alcoa (AA.N: Quote) kicked off the U.S. earnings season on Wednesday by reporting a third consecutive quarterly loss, but it beat estimates by a large margin due to cost cuts. [ID:nN08471164]

At 10:14 a.m. (1414 GMT), the S&P/TSX composite index .GSPTSE was up 65.19 points, or 0.68 percent, at 9719.34. Six of its 10 main groups were higher.

"At the open the bigger factors were the Alcoa earnings in the States and there were fewer unemployment claims which kind of boost the market up on both sides of the boarder," said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

The number of U.S. workers filing new claims for jobless benefits fell sharply last week but the decline was amplified by seasonal adjustments. [ID:nN08382700]   Continued...