CANADA STOCKS-TSX rebounds to higher close, led by Teck

Thu Apr 22, 2010 5:23pm EDT
 
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* TSX up 0.22 pct at 12,160.87

* Materials lead, energy and financials rebound

* Teck Resources surges on dividend (Adds details)

By Cameron French

TORONTO, April 22 (Reuters) - Toronto's main stock index rebounded from a steep early drop to finish higher on Thursday, rising for the fourth straight session as investors brushed off early worries about debt-stricken Greece and drew confidence from strong U.S. earnings.

Financial stocks that fell early in the session trimmed their losses and ended almost flat, while a snapback in oil prices drew investors to oil and gas issues, resulting in a 0.33 percent gain for the index's key energy sector.

Teck Resources (TCKb.TO: Quote) led the materials sector higher and was the strongest major stock on the index, rising 5.5 percent to C$43.99. The diversified miner said it would reinstate its dividend, which it cut in late 2008 while awash in debt.

Led by Teck, the materials subgroup rose 0.79 percent, also helped by strong gold-mining stocks such as Barrick Gold (ABX.TO: Quote), which rose 1.8 percent to C$40.18.

"The market seems to be once again focusing on the strong fundamentals, the strong earnings growth, and that's really helped create a big turnaround in sentiment on the day," said Elvis Picardo, strategist at Global Securities in Vancouver.   Continued...