CANADA STOCKS-Resource rebound lifts TSX index

Wed Nov 10, 2010 4:35pm EST
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* TSX up 26.01 points, or 0.2 percent, at 12,942.64

* Resource shares rebound, lifts index from near-week low (Updates to close, adds quote)

By Jennifer Kwan

TORONTO, Nov 10 (Reuters) - Toronto's main stock index ended higher after a volatile session on Wednesday as strength in the price of oil and gold helped to lift the market's hefty commodity-linked issues.

The energy and materials sectors, both down substantially in early trade, recovered to gain 0.3 percent and 0.6 percent, respectively.

Canadian Natural Resources (CNQ.TO: Quote) added 0.9 percent to finish the day at C$40.03, while Barrick Gold (ABX.TO: Quote) gained 1.2 percent to C$51.84.

U.S. crude oil futures rose to a 25-month high on government data that showed a surprise drawdown in inventories last week. Gold prices were also firmer. [O/R] [GOL/]

Elvis Picardo, analyst and strategist at Global Securities in Vancouver, said commodity prices likely got a boost as the U.S. dollar trimmed gains. [FRX/]

"Earlier in the day, the U.S. dollar was fairly strong because of concerns over European debt. These concerns have resurfaced in recent days so the U.S. dollar had strengthened on the back of that," he said.   Continued...