CANADA STOCKS-TSX rises from 2009 low to close up, golds gain

Thu Jan 15, 2009 5:38pm EST
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* TSX recovers from year low hit in morning trade

* Infotech sector led by 10 pct jump in RIM

* Survey sees gold rising as high as $1,080/oz this year

* Nine of 10 groups advance (Adds details, analyst's comment)

By Ka Yan Ng

TORONTO, Jan 15 (Reuters) - Toronto's main stock index closed strongly higher on Thursday, reversing early losses, as a rebound in U.S. stocks on optimism about government stimulus helped boost nearly all Canadian market sectors.

Earlier in the day, the resource-heavy index hit its lowest point this year, hurt by nagging concerns about a drop in oil demand, while banking shares also tumbled.

U.S. stocks rebounded to trade higher, helped by hopes that Washington would take action to aid banks. A CNBC report said a government guarantee for Bank of America would be worth between $100 billion and $200 billion.

Concerns about intensifying recession were underscored by weak factory activity in the United States, although the surveys from New York state and the Mid-Atlantic regions showed contraction had eased a little.   Continued...