CANADA STOCKS-TSX charges out of gate after recent losses

Tue Jan 13, 2009 10:03am EST
 
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* TSX rebounds after 3 percent skid in Monday's session

* Market's triple-digit gain propelled by all 10 sectors (Adds details)

By Frank Pingue

TORONTO, Jan 13 (Reuters) - Toronto's main stock index shot higher early on Tuesday in a broad rally with investors returning to beaten down 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 market's steep slide in the previous session, rebounded to lead Tuesday's rally. The energy sector also recouped recent losses.

Toronto's key index tumbled more than 3 percent in Monday's session to wipe out all of its 2009 gains. Just last week it was up 5.76 percent for the year.

"Yesterday was a pretty dismal performance and it almost felt like the Christmas spirit and New Year's bravado was over," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"People are looking at the selloff yesterday as overdone and they're coming in to buy a bit here."

At 9:55 a.m. (1455 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 159.20 points, or 1.81 percent, at 8,952.53.   Continued...