CANADA STOCKS-TSX rallies on upbeat data; market still wary

Thu Jun 10, 2010 10:51am EDT
 
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* TSX up 94.37 points, or 0.8 percent, at 11,545.37

* Energy, materials, financials lead rise (Adds details, prices, quotes)

By Claire Sibonney

TORONTO, June 10 (Reuters) - Toronto's main stock index opened higher on Thursday, led by the heavyweight energy, materials and financials sectors, after China reported a surge in exports, lifting the outlook for demand and global growth.

The price of oil rose more than $1 on the Chinese data, with a drop in U.S. jobless claims and greenback weakness against the euro also helping to lift energy stocks 1.5 percent. [O/R] [ID:nTOE65901X]

Suncor Energy Inc SU.TO rose 1.6 percent to C$33.02, while Canadian Natural Resources CNQ.TO climbed 2.6 percent to C$36.67.

Recently lagging financials gained 0.8 percent as Royal Bank of Canada RY.TO added 1.3 percent to C$52.68 and Bank of Nova Scotia BNS.TO rose 1.3 percent to C$49.33.

"The question is not why is the market up, the question is how long is it going to last," said Fred Ketchen, director of equity trading at ScotiaMcLeod, pointing to the latest trend of hard selloffs near the end of the day.

"This information out of China ... it certainly lifts the demand outlook and I think that's important for economic growth," Ketchen said.   Continued...