CANADA STOCKS-TSX rebounds sharply on European optimism

Tue Oct 18, 2011 3:52pm EDT
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   * TSX rises 105.73 points, or 0.9 percent, at 12,028.77
 * Seven of 10 sectors stronger
 (Adds details, comment)
 By Claire Sibonney
 TORONTO, Oct 18 (Reuters) - Toronto's main stock index
swung sharply higher on Tuesday, tracking a surge in oil prices
and U.S. equities, on news that France and Germany had reached
an agreement to increase the euro zone's rescue fund to 2
trillion euros.
 Leading the advancers, Suncor Energy SU.TO jumped 3
percent to C$30.66, Canadian Natural Resources CNQ.TO rose
2.9 percent to C$32.88 and Canadian National Railway CNR.TO
added 2.8 percent to C$74.50.
 At 3:42 p.m. (1942 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 105.73 points, or 0.9
percent, at 12,028.77. Seven of the 10 main sectors were
 The Guardian newspaper, citing EU diplomats, noted the
increase to the bailout fund was part of a "comprehensive plan"
to resolve the region's debt crisis, which should be endorsed
at a summit this weekend.
 "It changes the ballgame ... but it still has to go through
the whole European scheme," said Subodh Kumar, chief investment
strategist at Subodh Kumar & Associates in Toronto.
 "Those numbers are what people were hoping for and
highlighted as what would reduce the financial crisis in
Europe. "
 ($1=$1.01 Canadian)
 (Reporting by Claire Sibonney; editing by Rob Wilson)