CANADA STOCKS-TSX rises on commodities, earnings optimism

Thu Jul 23, 2009 10:39am EDT
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* TSX up 1.38 percent at 10,576.56

* Materials gain 1.7 percent on firm gold prices

* Financials up 1.35 percent (Adds details, quote)

By Nina Lex

TORONTO, July 23 (Reuters) - Toronto's main stock index was 1 percent higher on Thursday morning, boosted by firm metals prices and investor optimism about corporate results.

The index's mining-laden materials sector led the gain, up 1.7 percent, as gold prices rose to a six-week high. Goldcorp (G.TO: Quote) rose 1.83 percent to C$41.73, Barrick Gold (ABX.TO: Quote) was up 0.91 percent at C$38.75, and Kinross Gold (K.TO: Quote) rose 1.55 percent to C$22.26.

The financial sector, which accounts for about a third of the TSX index, rose 1.35 percent, helped higher by better than expected corporate earnings in the United States.

"We've seen about 72 percent of companies beat expectations thus far, which is a good sign," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.

Royal Bank of Canada (RY.TO: Quote) was the index's biggest heavyweight gainer, up 1.41 percent at C$49.79.   Continued...