CANADA STOCKS-TSX rises for third day, powered by resources

Wed Jul 15, 2009 5:24pm EDT
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* TSX gains 2.3 percent to 10,215.46

* Rising commodity prices lift resources

* Intel results boost optimism (Adds details and comments)

By Ka Yan Ng

TORONTO, July 15 (Reuters) - Toronto's main stock index rallied more than 2 percent on Wednesday to close at its highest level in more than a week, 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 rise in oil prices to near $62 a barrel, while gold jumped to a two-week high above $940 an ounce. [ID:nSP476597] [ID:nLF598658]

"It looks like commodities are romping up a storm today," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc in Vancouver.

Key movers to the upside included Suncor Energy SU.TO, up 3.7 percent at C$32.61, and Research In Motion RIM.TO, up 4.1 percent at C$78.40. Goldcorp G.TO gained 4.13 percent to C$40.32.

Strong results from U.S. bellwether Intel Corp INTC.O bolstered hopes that overall second-quarter corporate results will support economic recovery [ID:nN15335023], superseding Canadian data that showed factory sales tumbled to their lowest level in nearly 11 years in May. [ID:nN15446129]   Continued...