CANADA STOCKS-TSX shoots higher as euro zone fears ease

Wed May 12, 2010 5:19pm EDT
 
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* TSX up 195.36 points, or 1.63 percent, at 12,195.97

* Spain's tough austerity moves boost world stocks

* All 10 main sectors higher (Adds details, quote)

By Jennifer Kwan

TORONTO, May 12 (Reuters) - Toronto's main stock index rose for a third straight session on Wednesday as concerns eased about euro zone debt problems and their impact on economic recovery.

The index's big energy, materials and financial groups led the charge higher after Spain outlined measures to cut its deficit, which quieted fears that the Greek debt crisis could spread to other countries in Europe. [MKTS/GLOB]

Suncor Energy (SU.TO: Quote) rose 3 percent to C$32.91, First Quantum Minerals (FM.TO: Quote) rallied 5 percent to C$73.60, and Royal Bank of Canada (RY.TO: Quote) was up 1.8 percent at C$61.13.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished the session up 195.36 points, or 1.63 percent, at 12,195.97, with all its 10 main groups higher. During the day, the index touched 12,204.98, its highest level in more than a week.

Last week it dived 4.2 percent on euro-zone contagion fears.   Continued...