CANADA STOCKS-TSX up more than 1 pct on commodity strength

Thu Nov 18, 2010 11:22am EST
 
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* TSX up 186.83 points, or 1.48 percent, at 12,844.38

* All 10 of the main groups higher

* Western Coal shares up more than 45 percent

By Solarina Ho

TORONTO, Nov 18 (Reuters) - Toronto's main stock index climbed more than 1 percent on Thursday morning, with resource issues leading the broad-based rally, while strong demand for General Motors' stock and easing worries over Ireland's debt crisis lifted investors' mood.

Oil prices rebounded after four-days of retreat, sending Suncor Energy (SU.TO: Quote) shares up 2.4 percent to C$34.40 and Canadian Natural Resources (CNQ.TO: Quote) up 2.5 percent to C$39.75. The overall energy group rose 1.8 percent.

Materials issues, home to major miners, bounced up 2.1 percent, recovering from a big commodities selloff this week, as copper prices gained 2.5 percent while gold was up over 1 percent. [MET/L] [GOL/] Base metals producer Teck Resources (TCKb.TO: Quote) rose 3.3 percent to C$50.30.

At 10:42 a.m. (1542 GMT) The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 186.83 points, or 1.48 percent, at 12,844.38. All 10 of the index's main groups were higher.

"We've had three, four days of real negative sentiment, so it's not surprising that there's a bit of a rebound. The question is, is it sustainable?" said Paul Gardner, partner & portfolio manager at Avenue Investment Management.   Continued...