UPDATE 3-Inflation data lifts Toronto stocks in broad rally

Fri Jun 13, 2008 4:54pm EDT
 
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* TSX snaps five-session losing streak

* Bargain-hunting sets in after tame U.S. inflation data

* Index down 1.3 percent on the week

By Leah Schnurr

TORONTO, June 13 (Reuters) - The Toronto Stock Exchange's main index shot higher on Friday, rallying back from a losing streak as optimism over the latest U.S. inflation data prompted bargain-hunting.

The broad-based jump was led by the energy and materials sectors, even though prices for the underlying commodities were soft. Banks gained as inflation woes eased after data showed a tame increase in U.S. core prices.

Big gainers included Potash Corp of Saskatchewan (POT.TO: Quote), which rose C$3.97, or 1.7 percent, to C$232.12, and BlackBerry maker Research In Motion RIM.TO, which added C$4.05, or 3.1 percent, to C$136.79.

"The market has been down significantly in the last five trading sessions, and we're oversold, so everybody is just grasping after some bit of positive news to push the market up today," said Joe Ismail, technical analyst at Maison Placements Canada.   Continued...