May 18, 2011 / 9:10 PM / 6 years ago

CANADA STOCKS-Energy stocks lead TSX in broad rally

 * TSX up 166.19 points, or 1.24 percent, to 13,607.25
 * Broad rally saw all groups rise
 * Energy shares lead pack on higher oil prices
 By Julie Gordon
 TORONTO, May 18 (Reuters) - Toronto’s main stock index rose more than 1 percent to hit a one-week high on Wednesday, with oil and gas issues leading a broad rally fueled by a rebound in energy, gold and copper prices.
 Energy shares, which make up more than a quarter of the index, rose 2 percent, as oil prices rose more than 3 percent, swept up in a broad commodities rally. [O/R]
 Suncor Energy (SU.TO) led the way, closing up 2.67 percent at C$39.56. Canadian Natural Resources (CNQ.TO) added 2.49 percent to C$40.74, while Imperial Oil (IMO.TO) gained 2.74 percent to $46.46.
 “There was some bargain hunting going on, trying to find sort of longer-term opportunities that are at some pretty good prices,” said Brian Pow, vice president of research and equity analyst at Acumen Capital Partners.
 The Toronto Stock Exchange’s S&P/TSX composite index closed up 166.19 points, or 1.24 percent, at 13,607.25, rebounding after three straight weeks of declines.
 The materials sector, which includes influential mining stocks, also helped lift the broader market with a 1.45 percent gain. Diversified miner Teck Resources TCKb.TO closed up 4.19 percent at C$48.70, while Potash Corp (POT.TO) gained 2.26 percent to C$53.49.
 ($1=$0.97 Canadian)  (Editing by Jeffrey Hodgson)                                        

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