CANADA STOCKS-TSX surges higher on China data, ECB moves

Thu Jun 10, 2010 4:48pm EDT
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* TSX closes up 185.21 points at 11,635.85

* Resources, financials lead rise

* China exports surge almost 50 percent

* ECB announced extra liquidity for banks (Updates to close)

By Claire Sibonney

TORONTO, June 10 (Reuters) - Toronto's main stock index closed sharply higher on Thursday, led by the heavyweight resource and financial sectors, after China reported a surge in exports and upbeat sentiment about European Central Bank moves boosted the outlook for demand and global growth.

Official data showed Chinese exports surged 48.5 percent in May over a year earlier, well above forecasts for a 32 percent gain, confirming a Reuters report from Wednesday. [ID:nTOE65901X]

The price of oil rose more than $1 to over $75 a barrel as as the solid Chinese figures and a rosier demand forecast by the International Energy Agency attracted buyers, lifting the TSX's powerhouse energy group 2.3 percent. [O/R]

Suncor Energy Inc (SU.TO: Quote) rose 2.7 percent to C$33.39, while Canadian Natural Resources (CNQ.TO: Quote) climbed 3.9 percent to C$37.16.   Continued...