CANADA STOCKS-Resource rally helps TSX break 3-day slide

Thu May 14, 2009 5:17pm EDT
 
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* TSX closes up 1.44 percent at 9,849.20

* Resource sectors turn higher, gold and oil firm

* Consumer issues active: Canadian Tire, Gildan, Forzani (Adds details, quotes)

By Ka Yan Ng

TORONTO, May 14 (Reuters) - Toronto's main stock index snapped a three-day slide on Thursday, climbing nearly 140 points as the big materials, energy and financials sectors led a broadbased rally.

The materials and energy groups began the session lower, spurred by soft commodity prices. But both eventually gained momentum to the upside, recovering a portion of Wednesday's steep losses.

The energy sector finished ahead 1.52 percent as crude prices climbed on renewed economic optimism. [ID:nN14507104]

Materials gained 1.41 percent, backed by strength in gold in a mixed session. [ID:nLE725830]

"Golds were strong, gathered strength all day. They were one of the better performing groups," said John Ing, president of Maison Placements Canada.   Continued...