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

Thu Jan 15, 2009 4:59pm EST
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* TSX recovers from year low hit in morning trade

* Infotech led by 10-pct jump in RIM

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

* Nine of 10 groups advance (Updates to closing prices, adds details)

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 also rebounded to trade higher, helped by hopes that Washington would mount action to aid banks, as a CNBC report said a government guarantee for Bank of America is to be between $100 billion and $200 billion.

The S&P/TSX composite index .GSPTSE finished 2.2 percent higher, up 191.25 points at 8,879.61. Nine of the index's 10 main groups advanced, with the exception of utilities.   Continued...