CANADA STOCKS-TSX lifted by economic hopes, resources
* TSX rises 0.52 percent to 10,887.33
* Commodity-linked groups rise with prices
* Quarterly results from big banks are key this week (Adds details)
By Ka Yan Ng
TORONTO, Aug 24 (Reuters) - Toronto's main stock index gained on Monday, buoyed by economic hopes and firmer prices on oil and other commodities.
The price of crude edged above $74 a barrel, extending its rally to trade near a 10-month high, on optimism that an economic recovery will spur a rebound in energy demand. [ID:nSYD146874] This helped lift the energy group 0.9 percent.
Energy giant Suncor Energy led all index movers with a 1.6 percent gain to C$36.10, while Canadian Natural Resources was up 2.3 percent at C$66.50.
Materials were also higher, up 1 percent, backed by rising prices on metals such as copper and nickel. [ID:nLO524881]
Shares of Teck Resources rose 1 percent to C$29.16, while Potash Corp was up 1.8 percent at C$105.95.
"Copper is holding, basic commodities are holding so that's a positive. Gold is up a little bit, as is oil. So that's providing a little bit of confidence to the marketplace," said Irwin Michael, portfolio manager at ABC Funds.
At 10:18 a.m. (1418 GMT), the S&P/TSX composite index .GSPTSE was up 56.15 points, or 0.52 percent, at 10,887.33. Five of the index's 10 main groups advanced, including its three biggest components which make up three-quarters of the index's weighting.
A brighter mood kicked off the week as reassurances from world central bankers spurred optimism about the world's economic recovery.
The worst global recession in 70 years was nearing a close, although it would be a long, slow climb back to normal growth, U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said at the annual gathering in Jackson Hole over the weekend. [ID:nN23121486]
Financials moved steadily higher, up 0.5 percent, ahead of quarterly results from the country's biggest banks.
Virtually no one sees Canada's banks rattling investors with big losses when they start reporting third-quarter earnings on Tuesday. Profits are likely to come in between 10 percent and 16 percent lower, a result that investors will take in stride, given a still-sluggish economic climate. [ID:nN2165076]
(Reporting by Ka Yan Ng; Editing by Frank McGurty)
© Thomson Reuters 2017 All rights reserved.