UPDATE 4-Toronto stocks soar on central bank infusion

Tue Mar 11, 2008 5:40pm EDT
 
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By Natalie Armstrong

TORONTO, March 11 (Reuters) - The Toronto Stock Exchange's main index jumped almost 340 points on Tuesday following co-ordinated moves by global central banks to pump liquidity into international credit markets.

Toronto's benchmark regained all of Monday's losses and a bit more, after the Bank of Canada joined other central banks in boosting liquidity to ease credit market woes. That included a $200 billion injection by the U.S. Federal Reserve.

"It looks like for once they probably have it right," Irwin Michael, portfolio manager at ABC Funds told Reuters.

"It was a catalyst... The market can run a little bit here just to correct for the oversold condition in the marketplace, but we still have some problems out there."

The S&P/TSX composite index .GSPTSE closed up 339.44 points, or 2.6 percent, at 13,344.53 All of the TSX index's 10 main groups were higher.

The heavily weighted materials group led the way higher, closing up 4.8 percent amid continued strong commodity prices.

Fertilizer giant Potash Corp POT.TO was the day's highest net gainer, closing up C$12.37, or 8.7 percent, at C$155.00.   Continued...