CANADA STOCKS-TSX surges higher on energy, miners

Thu Nov 18, 2010 6:10pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 212.18 points, or 1.68 percent, at 12,870.01

* Nine of the 10 main groups advance

* Energy sector up 2.2 pct, materials up 2.3 pct (Updates with analysts comments, details)

By Solarina Ho

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

Suncor Energy SU.TO 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 heavyweight energy sector jumped 2.2 percent.

Commodity prices bounced back from big selloffs, with Toronto's resource-heavy market profiting from the gains. The materials group, home to miners, climbed 2.3 percent, with base-metals miner Teck Resources TCKb.TO gaining 3.3 percent to C$50.29.

Copper prices recovered from some of this week's slide, climbing nearly 3 percent while gold 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, which announced plans this week for a stock buyback worth up to $2 billion, rose 3.15 percent to C$143.53.   Continued...