CANADA STOCKS-Commodities drive TSX to sixth day of gains

Mon Jul 20, 2009 5:23pm EDT
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* TSX gains 1.65 percent to 10,540.71

* Optimism about economic recovery fuels gains

* Energy and materials lead the way (Adds details, quotes)

By John McCrank

TORONTO, July 20 (Reuters) - Toronto's main stock index rose 1.65 percent on Monday for its sixth-straight winning session as optimism that the worst of the global recession has past sparked a broad rally, with energy and other commodity stocks leading the way.

Three of the biggest heavyweight gainers on the index were from the energy patch with oil companies rising as the price of U.S. crude CLc1 settled up 42 cents at $63.98 a barrel. Crude pushed up more than 6 percent last week. [ID:nSYD403861]

EnCana Corp (ECA.TO: Quote) was up 2.88 percent at C$58.22, Canadian Natural Resources Ltd (CNQ.TO: Quote) rose 3.48 percent to C$65.20, and Suncor Energy Inc (SU.TO: Quote) was up 3.65 percent at C$35.19.

"There has been increasing optimism that the global economy is in turnaround mode here, every data point that comes out seems to confirm that viewpoint," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

"If the global economy turns around, commodities and energy will be big beneficiaries of that."   Continued...