CANADA STOCKS-TSX heads higher after hitting 14-week low

Fri May 21, 2010 12:40pm EDT
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* TSX up 1 percent, at 11,520.20

* Recovers from early near 2 pct drop, lowest since Feb. 9

* Nine of 10 sectors higher (Adds details)

By Ka Yan Ng

TORONTO, May 21 (Reuters) - Toronto's main stock index rebounded strongly by midday Friday, clawing back from a near-2 percent drop, as low prices attracted bargain-hunters after a six-day slide brought on by Europe's debt woes and fears about the outlook for global growth.

The index fell sharply to a 14-week low shortly after the open, deepest in the resources groups due to weak commodity prices, and in line with sliding global markets. [MKTS/GLOB]

But the TSX climbed out of the hole as both the materials and energy sectors recovered from more than 1 percent losses. Materials were up 1.3 percent, while energy was up 1.8 percent.

Teck Resources TCKb.TO rose 5.8 percent to C$33.78, while Talisman Energy TLM.TO gained 3 percent to C$17.45, and First Quantum Minerals (FM.TO: Quote) advanced 5.1 percent to C$63.55. Suncor Energy (SU.TO: Quote) climbed 2.1 percent to C$31.09.

Investor confidence got a boost as German lawmakers backed a $1 trillion rescue plan for the euro zone, alleviating some of the concerns over sovereign debt levels and prospects for economic recovery. [ID:nSGE64K06K] [ID:nN20244272]   Continued...