CANADA STOCKS-Rising commodities help TSX snap 3-day skid

Thu Jul 9, 2009 5:05pm EDT
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* TSX up 1.25 percent at 9,773.92

* Energy, materials sectors push higher

* Alcoa results help lift sentiment (Adds details, quotes)

By Ka Yan Ng

TORONTO, July 9 (Reuters)- Toronto's main stock index snapped a three-session skid on Thursday, finishing more than 1 percent higher as a rise in commodity prices gave a boost to the resource-heavy market.

Forecast-beating results from U.S. bellwether Alcoa AA.N helped lift market sentiment early in the day, with the upbeat mood spreading to key commodity prices such as gold and oil.

The aluminum giant kicked off the U.S. earnings season by reporting a third consecutive quarterly loss, but it beat estimates by a large margin due to cost cuts. [ID:nN08471164]

"That certainly started the market out quite strong. Their loss being less than expected was a big boost, which probably fed through to oil and other commodities too," said Michael Sprung, president of Sprung & Co Investment Counsel.

"People were taking that as a sign of ... things not being as bad as feared."   Continued...