UPDATE 1-Toronto stocks climb as bargain hunters emerge

Fri Jun 13, 2008 10:50am EDT
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* TSX up 137 points after five-day skid

* Bargain-hunting, U.S. inflation data provide lift

* Investors shrug off weak commodities, consumer data

By Jonathan Spicer

TORONTO, June 13 (Reuters) - The Toronto Stock Exchange's main index, coming off a five-day losing skid, charged higher on Friday morning as bargain-hunting and cheery U.S. inflation data inspired a broad-based rise in Canadian stocks.

Leading the way were bank, technology, and resource issues, despite weakness in key commodities and despite a survey that showed consumer confidence in the United States -- Canada's biggest trading partner -- tumbled to a 28-year low.

"This market is kind of irrational," said Sal Masionis, a stockbroker at Brant Securities, suggesting investors were looking for an excuse to jump back in.

The S&P/TSX composite index .GSPTSE was up 137.64 points, or 0.9 percent, at 14,740.23. The financial sector jumped 1.1 percent, tech firms added 2.2 percent, while materials producers were up 0.9 percent.   Continued...