CANADA STOCKS-TSX rides commodities to higher close

Tue Jan 13, 2009 5:06pm EST
 
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* TSX rebound follows 3 percent fall in Monday's session

* Key Toronto index now down 0.3 percent in January

* Rally driven by gains across all 10 sectors (Adds details, and comments)

By Frank Pingue

TORONTO, Jan 13 (Reuters) - Toronto's main stock index closed sharply higher on Tuesday as investors raced back into equities after a string of selloffs had left the TSX at its lowest level in two weeks.

The heavyweight materials sector, which had spearheaded the index's steep slide in the previous session, rebounded to lead Tuesday's rally. The energy group, led by a 2.2 percent gain in EnCana Corp (ECA.TO: Quote) to C$56.08, also fueled the gain.

Toronto's key index tumbled more than 3 percent on Monday to erase all of the gains it had made since the start of the year. Last week it was up 5.76 percent for the year.

"Energy and commodity stocks did quite well and that's helped prop up the market," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

"So money is starting to come back to energy and materials because stocks in those sectors were hurt disproportionately during the market meltdown."   Continued...