CANADA STOCKS-TSX races higher on resources, financials

Tue May 19, 2009 5:05pm EDT
 
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* TSX finishes up 3.46 percent at 10,100.95

* Index plays catch-up after market closed on Monday

* Energy sector jumps 5.5 pct as crude rises (Adds details, quotes)

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 the TSX caught up with a rise by U.S. stocks on Monday when the Toronto market was closed.

The energy sector jumped 5.5 percent to lead the market rally as oil prices hit a six-month high. Canadian Natural Resources (CNQ.TO: Quote) was up 7.1 percent at C$62.06, while Suncor Energy (SU.TO: Quote) climbed 4.2 percent to C$35.08.

After rallying nearly 3.9 percent earlier in the day, 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 the Victoria Day national holiday.

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

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