CANADA STOCKS-Commodities, earnings push TSX to 1-week high

Wed Apr 20, 2011 10:48am EDT
 
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* TSX up 180.29 points, 1.31 pct, at 13,917.12.

* All 10 sectors stronger (Updates with details, comments)

By Claire Sibonney

TORONTO, April 20 (Reuters) - Toronto's main stock index rose sharply on Wednesday morning, hitting a one-week high as commodity prices rallied and a raft of solid U.S. earnings and forecasts boosted optimism about economic recovery.

The Reuters-Jefferies CRB index .CRB, a global benchmark for commodities, was on track to its biggest gain in nearly two weeks on Wednesday as gold, oil and other resource prices rallied as the U.S. dollar fell.

The Toronto index's energy sector was up 1.7 percent as U.S. crude oil futures rose to near $110 a barrel as the rebound in global equities and the weakening U.S. dollar offset fears of eroding demand. [O/R]

Suncor Energy (SU.TO: Quote) jumped 2.3 percent to C$42.35 and Canadian Natural Resources (CNQ.TO: Quote) climbed almost 2 percent to C$44.05.

Market sentiment was also helped by solid corporate earnings in the United States as well as data that showed U.S. home resales rose more than expected in March. [.N]

"Last week we got off to a mixed start with earnings season, but it looks like we got some fairly strong reports yesterday and today, most notably a few bellwethers IBM, Intel and Freeport this morning," said Youssef Zohny, portfolio manager at Van Arbor Asset Management in Vancouver.   Continued...