CANADA STOCKS-Bargain-hunting sparks late-day rally

Thu Oct 23, 2008 4:52pm EDT
 
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* Energy stocks get late lift as oil firms above $67

* Materials group down 3.2 percent as metals prices slide

* Petro-Canada stock rises after quarterly results

(Adds official closing numbers, details)

TORONTO, Oct 23 (Reuters) - The Toronto Stock Exchange's main index closed higher on Thursday as bargain-hunting sparked a late-day rally after a big drop earlier in the session.

In seesaw activity that spanned nearly 580 points from trough to peak, the S&P/TSX composite index .GSPTSE closed up 94.47 points, or 1.02 percent, at 9,331.35, with seven of its main sectors higher.

Heavily-weighted energy shares led the way up, rising 3.5 percent as oil rose on expectations of an OPEC supply cut [ID:nSYD377354].

Strong earnings from Petro-Canada PCA.TO [ID:nN23293318] and EnCana (ECA.TO: Quote) [ID:nBNG274906] helped to boost their share prices. Petro-Canada rose 9.4 percent to C$27.80, and EnCana was up 8.5 percent at C$55.05.

The resource-laden materials group fell 3.2 percent as gold and base metals prices dropped on recession fears. [ID:nN23450334]   Continued...