CANADA STOCKS-TSX rally led by resources, financial issues

Tue May 19, 2009 4:39pm EDT
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* TSX finishes up 3.46 percent at 10,100.95

* Index catches up after market closed on Monday

* Energy sector up 5.5 pct as oil rises (Adds details, quote)

By Jennifer Kwan

TORONTO, May 19 (Reuters) - Toronto's main stock index rallied sharply on Tuesday, reclaiming most of last week's losses, as higher oil prices boosted energy issues and as it caught up with a rise in U.S. stocks on Monday, when the Toronto market was closed.

The energy sector, up 5.5 percent, led the rally as oil prices climbed with Canadian Natural Resources (CNQ.TO: Quote) up 7.1 percent at C$62.06, and Suncor Energy (SU.TO: Quote) higher by 4.2 percent at C$35.08.

"It's a 3 percent catch up from yesterday and basically 1 percent on its own," said Francis Campeau, broker at MF Global Canada, in Montreal.

After rallying nearly 3.9 percent earlier on Tuesday, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE retreated slightly to finish up 338.10 points, or 3.46 percent, at 10,100.95, with all 10 of the index's main groups firmly in the black. The TSX was closed on Monday for Canada's Victoria Day holiday.

Tuesday's gains nearly recovered the resource-laden TSX's 4.6 percent loss for last week.   Continued...