CANADA STOCKS-TSX rises in broad rally to hit 2-week high

Tue Jul 13, 2010 5:09pm EDT
 
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* TSX gains 0.93 percent to 11,672.84.

* All 10 sectors rise; 6 post gains of at least 0.9 pct (Updates with details, commentary)

By Ka Yan Ng

TORONTO, July 13 (Reuters) - Toronto stocks rallied on Tuesday as heavyweight resource issues, supported by firm commodity prices and renewed optimism over the global economic recovery, helped the main index touch a two-week high.

U.S. earnings season got under way on Monday with Alcoa Inc's (AA.N: Quote) better than expected quarterly profit and outlook, which is often seen as a bellwether of the U.S. economy. The results helped to lift U.S. stock indexes as well. [ID:nN13242453] [.N]

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE climbed 107.08 points, or 0.93 percent, to 11,672.84. Earlier, it had reached its highest level since June 28 at 11,695.56.

All of the index's 10 main sectors were higher, with six groups up at least 0.9 percent.

John Ing, president of Maison Placements Canada, said some of the earnings reports have given the market a much better tone following a recent decline triggered by fears the global economy could fall back into recession, though he was cautious about the move higher.

"It's coming with lower volume, so it's not necessarily happy days are here again," he said.   Continued...