REFILE-CANADA STOCKS-TSX bounces higher in volatile session

Fri Nov 21, 2008 2:55pm EST
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(Refiles to add dropped word 'percent' in second paragraph)

* TSX higher, but falls back from early 4.6 pct rally

* Financials drop 2.9 pct after bank warnings

* Energy, materials up after TSX's 9 pct drop on Thursday (Adds quote, details)

By Jennifer Kwan

TORONTO, Nov 21 (Reuters) - The Toronto Stock Exchange's main index bounced back into positive territory late Friday morning as financial and resource issues played tug-of-war in a highly volatile market.

The TSX opened strongly with an early gain of more than 4.6 percent, then tumbled into negative territory as weak financial issues dragged the market lower after its opening surge.

The composite then rallied back on strength the energy and materials sectors, up 2.6 percent and 12.1 percent, respectively.

Goldcorp (G.TO: Quote) rose 16 percent to C$28.73, and Canadian Natural Resources (CNQ.TO: Quote)jumped 7.6 percent to C$38.11.   Continued...