CANADA STOCKS-Commodity stocks help TSX rebound

Fri Nov 21, 2008 10:31am EST
 
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*TSX rises 1.5 percent after 9 pct fall Thursday

*Energy, materials up as oil edges higher, gold rises

*TD Bank slumps after brokerage cuts price target

*Canada October CPI eases sharply

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TORONTO, Nov 21 (Reuters) - The Toronto Stock Exchange's main index rose at the open on Friday as energy and materials stocks got a lift from firmer commodity prices after the market dropped 9 percent the previous session to its lowest in five years.

The key energy and materials sectors were up 2.8 percent and 6 percent, respectively, as oil and metals prices firmed.

Heavily-weighted stocks that helped the market higher included Bank of Nova Scotia (BNS.TO: Quote), up 1.8 percent at C$31.10, Goldcorp (G.TO: Quote), which rose 11 percent to C$27.53, and Canadian Natural Resources (CNQ.TO: Quote), higher by 3.7 percent at C$36.75.

"After what happened yesterday we saw a bit of a rebound happening overseas prior to the North American markets opening," said Michael Sprung, president at Sprung & Co. Investment Counsel.   Continued...