CANADA STOCKS-TSX surges on commodity price gains, Italy hopes

Fri Nov 11, 2011 10:54am EST
 
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 * TSX up 202.43 pts, or 1.7 pct, at 12,311.30
 * Italy passes austerity measures package
 * Mining stocks lead rally
 (Adds further details)
 By Jon Cook
 TORONTO, Nov 11 (Reuters) - Toronto's main stock index
jumped more than 1 percent on Friday as commodity prices rose
on investor optimism that Italy would pass an austerity package
that would calm fears about Europe's debt crisis.
 Global stocks were buoyed by the Italian senate's clearing
of a package of austerity measures that were demanded by the
European Union in the face of Italy's severe debt issues. The
budget still has to be cleared by Italy's lower house, leaving
a degree of nervousness on behalf of investors. [MKTS/GLOB]
 After two straight down sessions, the Toronto Stock
Exchange's S&P/TSX composite index .GSPTSE was up 202.43
points, or 1.7 percent, at 12,311.30.
 The heavily-weighted materials sector, home to base metal
and gold miners, surged more than 2.5 percent, nearly erasing
the previous day's losses and leading the broader market
higher.
 Barrick Gold Corp  ABX.TO led the sector, rising 2.9
percent to C$53.49, even though bullion prices slipped as
progress in Europe curbed safe-haven buying. [GOL/]
 The base metals mining sector also performed strongly,
jumping 4 percent, led by Teck Resources TCKb.TO, which rose
4 percent to C$39.26. First Quantum Minerals FM.TO was up
more than 7 percent to C$19.52 after falling more than 20
percent the last two sessions.
 All of the index's 10 main sectors were higher, with energy
and financials both up more than 1 percent.
 (Editing by Jeffrey Hodgson)