UPDATE 3-Toronto stocks get big bounce in broad rally

Wed Sep 10, 2008 4:57pm EDT
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*TSX index bounces as energy and materials shares gain

*RIM jumps on launch of new BlackBerry

*Banks gain on continued U.S. mortgage bailout enthusiasm

(Updates closing numbers, adds details, quotes)

TORONTO, Sept 10 (Reuters) - The Toronto Stock Exchange's main index surged on Wednesday, pulling away from bear market territory after a week-long slide, in a broad rally led by resource and banking shares.

After falling for five out of six sessions, the index bounce-back was helped by bargain-hunting in oil and other commodity-related stocks, analysts said.

Among oil gainers Canadian Natural Resources (CNQ.TO: Quote) rose 6.2 percent to C$79.00, and among miners Inmet Mining IMN.TO was up 8.4 percent at C$54.00.

Research In Motion RIM.TO was among the biggest gainers after it said it is launching a flip version of its BlackBerry Pearl smartphone. RIM was up 6 percent at C$112.36. For details see, [ID:nN10425396]

The S&P/TSX composite index .GSPTSE closed up 350.39 points, or 2.88 percent, at 12,497.15 with all of its 10 main sectors rising.

Leading the way, the energy and materials sectors gained 4 percent and 3.9 percent respectively. Fertilizer producer Potash Corp of Saskatchewan (POT.TO: Quote) gained 2.2 percent to C$153.59, while EnCana (ECA.TO: Quote) was up 3.1 percent at C$69.18.

Banks also lifted the index on continued optimism over the U.S. mortgage company bailout plan. Bank of Montreal (BMO.TO: Quote) climbed 1.6 percent to C$48.56 and Bank of Nova Scotia (BNS.TO: Quote) was up 1.7 percent at C$47.63. Overall, the sector rose 2.5 percent. ($1=$1.07 Canadian) (Reporting by Natasha Elkington; Editing by Peter Galloway)