CANADA STOCKS-TSX gains on U.S data, but Greek fears weigh

Wed Nov 2, 2011 1:37pm EDT
 
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* TSX up 92.3 pts, or 0.8 pct at 12,208.31

* Materials, energy sectors lead gains

* Metal, oil prices rise

* Greece, euro zone fears still weigh (Adds details, analyst comments)

By Jon Cook

TORONTO, Nov 2 (Reuters) - Toronto's main stock index rose on Wednesday, following two days of sharp losses on Greek debt concerns, as upbeat U.S. jobs data and firmer commodity prices pushed energy and mining stocks higher.

Oil, copper and other commodities all rose following their vicious sell-off on yesterday's surprise announcement of a Greek referendum vote on a euro zone rescue package. [O/R] [MET/L]

"The risk of a disorderly Greek default has the capacity of putting major economies back in recession," said Fergal Smith, managing market strategist at Action Economics. "U.S. data has been coming in better over the last while; there's a bullish thread supporting the market on the back of that."

A report showing U.S. private-sector payrolls rose in October, helped support analysts' views that the world's No. 1 economy is maintaining its slow growth and is not sliding back into a recession. [ID:nN1E7A104G]   Continued...