CANADA STOCKS-TSX climbs in broad rally, golds slip

Mon Aug 15, 2011 10:44am EDT
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 *TSX rises 157.63 points, or 1.3 pct, to 12,700
 *All 10 sectors higher, gold sub-sector falls
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Aug 15 (Reuters) - Toronto's main stock market
index rose more than 1 percent on Monday morning, driven by
bargain-hunting, signs of recovery in Japan and U.S.
acquisition news.
 Energy shares climbed 2.2 percent as oil prices jumped more
than $1 a barrel on a broad rebound in risk appetite. Among
them, Suncor Energy SU.TO rose 2.3 percent to C$32.61, and
Canadian Natural Resources CNQ.TO added 2.4 percent to
 "Calmer heads have prevailed," Bruce Latimer, trader at
Dundee Securities, said of the market action following last
week's roller-coaster rise. "People are ... sifting through the
carnage and just trying to see which names they feel offer some
value, some deep-value investing."
 Helping to boost confidence and commodity prices, data
showed the Japanese economy shrank much less than expected in
the second quarter as companies made strides in restoring
output after the earthquake in March. [nL3E7JF00H]
 Markets also brightened up on Google Inc's GOOG.O offer
to buy Motorola Mobility for about $12.5 billion in cash,
though investors were still wary after the wild market swings
of last week and nagging worries over euro zone politics.
 At 10:22 a.m. (1422 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 157.63 points, or 1.3
percent, at 12,700. All of the index's 10 sectors were
stronger, including financials, up 1.4 percent, as Manulife
Financial MFC.TO surged 4.2 percent to C$13.73.
 Toronto-Dominion Bank TD.TO also rallied, up 1.4 percent
at C$77.01, after announcing a deal to buy MBNA Canada's credit
card business. [nASA02OL6]
 Among tech stocks, Research In Motion RIM.TO was up 3.2
percent to C$25.07, after Verizon Wireless introduced the new
BlackBerry Bold smartphone. [nWNAB9587]
 Gold-mining shares were down 0.3 percent, as bullion prices
eased for a third straight session. [GOL/]
 Among the most heavily weighted decliners, Barrick Gold
ABX.TO lost 0.3 percent to C$48.98, and Goldcorp Inc G.TO
dropped 0.2 percent to C$49.38.
 "That's obviously where the money went last week, was into
the golds, so it's sort of coming out of the golds and being
spread across the sectors," Latimer said. "But I think we're
just going to have some interesting days ahead of us and people
just trying to trade the market one day at a time."
 ($1=$0.99 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)