CANADA STOCKS-TSX pops back into the black on resources

Tue Jun 23, 2009 2:52pm EDT
 
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* TSX up 0.21 percent at 9,854.64

* Materials group, up 3.5 percent, leads TSX (Adds details, quotes)

TORONTO, June 23 (Reuters) - Toronto's main stock index crept higher on Tuesday afternoon, after dropping more than 1 percent earlier in the session, as a rebound in commodity prices lifted the resource-heavy market.

Materials, home to miners and fertilizer companies, shot up 3.5 percent as gold and base metals rebounded following a steep selloff in the previous session. [ID:nLN541176]

Potash Corp of Saskatchewan (POT.TO: Quote) climbed 4.9 percent to C$105.76, while Barrick Gold (ABX.TO: Quote) was up 3.8 percent at C$38.09.

The energy sector was up 1.3 percent as oil prices rebounded, boosting Suncor Energy (SU.TO: Quote) by 2.9 percent to C$33.13.

"This has been a consistent theme ever since the market rallied from the first week of March. You're seeing the buying coming in on dips," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

He added investors may be perceiving "yesterday's decline as a buying opportunity" for the long term.

At 2:37 p.m. (1837 GMT), the S&P/TSX composite index .GSPTSE was up 20.46 points, or 0.21 percent, at 9,854.64, with three of its 10 main groups higher.

($1=$1.15 Canadian) (Reporting by Jennifer Kwan; editing by Rob Wilson)