CANADA STOCKS-TSX bounces back on commodities, U.S. earnings

Tue May 18, 2010 10:59am EDT
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(Refiles to delete extraneous 'the' in penultimate paragraph)

* TSX up 142.61 points, or 1.2 percent, at 11,955.61

* Energy, metals, financials lead index higher

By Claire Sibonney

TORONTO, May 18 (Reuters) - Toronto's main stock index shot higher on Tuesday morning, supported by a rebound in commodity prices and cautious optimism about the economic recovery on positive U.S. data and robust earnings.

Oil rose more than 3 percent to above $72 a barrel, recovering from a five-month low the previous session, sending the TSX's powerhouse energy sector almost 2 percent higher. [O/R]

Suncor Energy Inc SU.TO, Canada's biggest oil producer, rose 2.2 percent to C$31.94, while Canadian Natural Resources CNQ.TO added 2.1 percent to C$72.89.

The mining sector surged almost 4 percent as industrial metals bounced from a sharp selloff. Teck Resources TCKb.TO, Canada's biggest base-metals miner, soared 5.5 percent to C$34.92 and First Quantum Minerals FM.TO surged 4.7 percent to C$68.04. [MET/L]

"What we're seeing here is just kind of a normal rebound after everything got slammed pretty badly yesterday," said John Kinsey, portfolio manager at Caldwell Securities.   Continued...