CANADA STOCKS-TSX buoyed by Goldman earnings, commodities

Tue Apr 20, 2010 10:49am EDT
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*TSX up 0.27 percent to 12,136.07

*Energy, materials lead index higher

By Claire Sibonney

TORONTO, April 20 (Reuters) - Toronto's main stock index was higher on Tuesday morning as a slew of strong U.S. company results boosted market risk appetite and commodity prices gained.

The index's energy sector was up 0.9 percent as oil rose past $82 a barrel after Goldman Sachs (GS.N: Quote) reported stunningly strong earnings and as some European flights resumed after the threat from volcanic ash in Iceland receded.

The grounding of flights due to the ash cloud had pushed down oil prices as had uncertainty surrounding the Goldman charges. [O/R] [ID:nN20251740]

Shares of Suncor Energy Inc (SU.TO: Quote), Canada's largest oil company, jumped 1.3 percent to C$34.49, while Niko Resources NKO.TO gained 1.2 percent to C$114.62.

"We were due for some type of pullback and I certainly thought that the combination for the Goldman potential fine and air traffic brought to a halt in Europe would be the catalyst but it's not the case," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.

"This just tells us this market still has legs. It's just shrugging off any bad news and it's focusing on really good earnings and improving economic data."   Continued...