UPDATE 4-Toronto stocks rally as resources snap back

Wed Sep 10, 2008 6:05pm EDT
 
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*TSX index bounces as energy and materials shares gain

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(Adds details, quotes)

By Natasha Elkington

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

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

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

"I think this suddenly looks like an oversold bounce that's being led by some of the biggest market leaders that had the biggest drops in the past six days," said Elvis Picardo, an independent strategist in Vancouver, British Columbia.   Continued...