CANADA STOCKS-TSX driven up by resources, earnings optimism

Wed Jul 15, 2009 4:49pm EDT
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* TSX gains 2.3 percent to 10,215.46

* Rising commodity prices lift resources

* Intel results boost optimism (Updates closing figures, adds details and comments)

By Ka Yan Ng

TORONTO, July 15 (Reuters) - Toronto's main stock index rallied more than 2 percent on Wednesday, powered by firmer commodity prices and new-found optimism about second-quarter earnings.

The resource-heavy index shot higher at the start of the session and maintained the gains throughout, supported by a nearly 4 percent rise in oil prices toward $62 a barrel, while gold jumped to a two-week high above $940 an ounce.

Key movers to the upside on Wednesday included Manulife Financial (MFC.TO: Quote), up 5.5 percent at C$21.56, and Research In Motion RIM.TO, up 4.1 percent at C$78.40. Goldcorp (G.TO: Quote) gained 4.13 percent to C$40.32.

Strong results from U.S. bellwether Intel Corp (INTC.O: Quote) bolstered hopes that overall second-quarter corporate results will support economic recovery.

"Intel certainly has rekindled some investor optimism. I think some of the investors are probably breaking out the bubbly right now. It may be a little premature for that," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc in Vancouver.   Continued...