CANADA STOCKS-TSX rises as China package lifts commodities

Mon Nov 10, 2008 4:45pm EST
 
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*Energy, materials boost TSX as oil, metals rise

*China's $586 billion stimulus plan buoys commodities

*Nortel slumps after posts loss, cuts 1,300 jobs

(Adds official closing numbers, details)

TORONTO, Nov 10 (Reuters) - The Toronto Stock Exchange's main index closed higher on Monday, led by energy and materials issues, as the potential of China's big stimulus package to boost demand for metals and oil lifted commodity prices.

The heavily weighted energy and materials groups rose 2.7 percent and 3.6 percent, respectively, as oil rose to $62.41 a barrel [ID:nSYD393020], while gold and base metals prices also climbed. For more details, see:[ID:nLA274043]

Canadian Natural Resources CNQ.TO, up 6.4 percent at C$57.51, and Barrick Gold ABX.TO, which rose 6.4 percent at C$29.95.

"The big picture is we're outperforming the U.S. market," said Francis Campeau, broker at MF Global Canada, in Montreal. "Our financials are stronger and appetite for commodities is back on the China bailout."

The S&P/TSX composite index .GSPTSE closed up 92.59 points, or 0.96 percent, at 9,688.80, with four of its 10 main groups higher.   Continued...