CANADA STOCKS-TSX bounces back up on commodities, earnings

Fri Jul 23, 2010 3:19pm EDT
 
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* TSX up 43.87 points at 11,711.63

* Materials, energy, bank shares all higher (Updates to afternoon)

By Claire Sibonney

TORONTO, July 23 (Reuters) - Toronto's main stock index climbed back up Friday afternoon in volatile trading as commodity prices strengthened and a fresh batch of solid North American earnings boosted sentiment.

Copper rallied to a two-month high, helped by fund buying and with gains undisturbed, as investors digested results of European bank stress tests, pushing base-metal mining stocks up 1.4 percent. [MET/L] [ID:nN23155614]

Teck Resources (TCKb.TO: Quote) jumped 1.6 percent to C$37.00, while First Quantum Minerals (FM.TO: Quote) gained 1.2 percent to C$67.58.

"China is now taking more of a growth stance over an inflation concern stance right now, which to us is much more meaningful in the short term than whether the European sovereign crisis is going to result into anything," said Rick Meslin, head of Canadian equities at UBS Securities Canada.

"That's a constructive market as far as I'm concerned, especially in Canada, where materials are such an emphasis."

The investor mood also benefited from a new round of solid corporate results, including Verizon Communications Inc. (VZ.N: Quote), and a dividend hike by General Electric Co. (GE.N: Quote).   Continued...