CANADA STOCKS-TSX rallies on strength in commodities

Tue Jul 13, 2010 10:50am EDT
 
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*TSX up 104.02 points at 11,669.78

*Resources lead index higher (Updates with details, commentary)

By Claire Sibonney

TORONTO, July 13 (Reuters) - Toronto's main stock index shot higher on Tuesday morning as commodity prices rose and drove up weighty resource shares.

The Thomson Reuters-Jefferies CRB index .CRB, a global benchmark of 19 different commodities including metals, was up more than 1 percent, and the index's materials group jumped 1.2 percent in reaction.

Base metals miner Teck Resources TCKb.TO rose 1.4 percent to C$34.91, while Barrick Gold Corp ABX.TO added 0.6 percent to C$45.46.

Powerhouse energy shares, up 1.2 percent, benefited as oil and natural gas prices rose.

Suncor Energy SU.TO added 1.1 percent to C$33.45, and EnCana Corp ECA.TO gained 0.8 percent to C$34.67.

"Commodities and hard assets are becoming the only store of value that many more sophisticated investors are looking to and Canada happens to have a lot of this type of stuff," said Aaron Fennell, senior markets strategist at Lind-Waldock.   Continued...