CANADA STOCKS-TSX rallies on oil and mining companies

Thu Nov 18, 2010 5:29pm EST
 
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* TSX up 212.18 points, or 1.68 percent, at 12,870.01

* Nine of the 10 main groups advanced

* Energy group up 2.2 pct, materials group up 2.3 pct (Updates to close)

By Solarina Ho

TORONTO, Nov 18 (Reuters) - Toronto's main stock index was bolstered on Thursday by surging energy and mining issues, as easing worries over Ireland's debt crisis and strong interest in General Motors' IPO helped power market optimism.

Suncor Energy (SU.TO: Quote) was the biggest market mover, climbing 3.9 percent to C$34.90, in step with oil prices that rebounded more than 2 percent after this week's losses. The heavy-weight energy sector jumped 2.2 percent.

Commodity prices bounced back from big selloffs, with Toronto's resource-heavy market profiting from the gains. The overall materials group, home to miners, climbed 2.3 percent, with base-metals miner Teck Resources TCKb.TO gaining 3.29 percent to C$50.29.

Copper prices recovered from some of this week's collapse, climbing nearly 3 percent while bullion advanced more than 1 percent, halting its longest period of consecutive declines in nearly half a year. [MET/L] [GOL/]

Fertilizer giant Potash Corp (POT.TO: Quote), which announced plans for a stock buyback worth up to $2 billion this week, rose 3.15 percent to C$143.53.   Continued...