CORRECTED - CANADA STOCKS-TSX higher on day, surges 4.3 pct on week

Sat Oct 15, 2011 12:09am EDT
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   * TSX up 169.84 points, or 1.43 pct, at 12,081.73
 * Up 4.3 pct on week, biggest weekly gain since Oct. 2009
 * Eight out of 10 main sectors end higher
 (Corrects name of firm, paragraph 9)
 By Ashleigh Patterson
 TORONTO, Oct 14 (Reuters) - Toronto's main stock index
ended more than 1 percent higher on Friday, as hopes for a
resolution to the euro zone debt crisis bolstered investor
confidence and boosted commodities prices, sending the TSX to
its biggest weekly gain in two years.
 The energy sector saw the largest surge, as Brent crude oil
futures posted their highest close since Sept. 15, the biggest
weekly gain since late February.
 Brent's November contract rose $3.57 to settle at $114.68 a
barrel, while U.S. November crude rose $2.57 to $86.80. [O/R]
 Energy companies pushed higher along with the oil prices.
Suncor Energy SU.TO posting the strongest performance on the
index, rising 5.32 percent to C$30.69.
 Canadian Natural Resources CNQ.TO rose 3.81 percent to
C$32.94, Cenovus Energy CVE.TO added 3.36 percent to C$35.41
and Canadian Oil Sands COS.TO finished 4.29 percent higher at
 "If you go back to the Oct. 4 low, we're up about 7 percent
from that. Everything is looking a lot more attractive in the
commodities sector. Even natural gas is moving up today, which
has been one of the markets that has been quite negative," said
John Kurgan, senior market strategist from MF Global Canada.
 The Toronto Stock Exchange's S&P/TSX composite index ended
up 169.84 points, or 1.43 percent, at 12,081.73 .GSPTSE.
Eight of the 10 main sectors were higher, with consumer staples
and utilities sectors posting modest declines.
 On the week, the TSX rose 4.3 percent, its biggest weekly
gain since October 2009.
 "The TSX is benefiting from a big surge in risk appetite
over the last week, especially since the turnaround from Oct.
4, said Elvis Picardo, strategist and vice-president at Global
Securities in Vancouver.
 "The rebound in risk capital is being manifested in big
gains in the energy and commodity groups. And when that
happens, the TSX benefits proportionately from those moves."
 Toronto stocks also benefited from promising U.S. data.
U.S. retail sales grew at the fastest pace in seven months,
helping to buoy investor confidence and send gold and copper
 The market mood was also lifted by hopes of a resolution to
the euro zone debt crisis as G20 finance ministers and central
bankers meet in Paris this weekend.
 Spot gold rose 2.5 percent for the week, ending at
$1,680.39. That was its biggest weekly gain in six weeks as
bullion prices rose with equities and the U.S. dollar fell as
risk appetite returned and investors shifted away from
safe-haven investments like the greenback.
  Barrick Gold ABX.TO rose 1.58 percent to C$48.76 and
GoldCorp G.TO rose 1.96 percent to end at C$48.84.
 "Much of this turnaround in risk has been predicated on a
return to some semblance of normalcy in Europe," said Picardo.
 "The market is primed for something positive to come out
over the weekend or the next couple of weeks. Any
disappointment on that front has the potential to perhaps cause
investors to reassess the situation and take part in some
 Financials showed mixed results, see-sawing between gains
and losses most of the day before ending 0.48 percent higher.
Manulife Financial MFC.TO maintained its rise, ending up 3.85
percent at C$12.94, while a number of the big six banks
remained in negative territory.
 Extending losses from Thursday on disappointing results
from U.S. bank JP Morgan Chase JPM.N, Royal Bank of Canada
RY.TO was among the largest decliners, sliding 0.25 percent
to C$47.70, while Bank of Montreal BMO.TO was down 0.05
percent at C$58.59.
 "Financials are one sector that continues to be a little
bit shaky, not just from somewhat weak results in the U.S., but
many European banks are under serious stress," said Picardo.
 "Canadian banks are still  holding up really well, but that
being said, we feel the impact of those negative news items
from time to time."
 ($1=$1.01 Canadian)
 (Reporting by Ashleigh Patterson; editing by Rob Wilson)