CANADA STOCKS-TSX rises as China package lifts commodities

Mon Nov 10, 2008 5:17pm 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 quote, details)

By Jennifer Kwan

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 climbed to $62.41 a barrel [ID:nSYD393020], while gold and base metals prices were also higher. For more details, see:[ID:nLA274043]

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

"The Chinese government is going to spend over half a trillion dollars on various infrastructure projects in boosting the economy and a lot of that money will be spent on things like energy, steel, and copper and various other commodities," said Levente Mady, broker at MF Global Canada in Vancouver.   Continued...