CANADA STOCKS-TSX ends three-day skid with broad rally

Mon Jan 24, 2011 5:00pm EST
 
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 *TSX rises 89.01 points to 13,347.58
 *Nine of 10 sectors stronger
 (Updates with details, comments)
 By Cameron French
 TORONTO, Jan 24 (Reuters) - Toronto's main stock index
ended a three-day losing streak on Monday, pushing higher in a
broad rally led by industrial, financial, and tech stocks.
 With a dearth of economic or earnings news, investors
sought bargains in the expectation that the market's rally of
the past three months will continue as the Canadian
fourth-quarter reporting season gathers steam.
 "I think it's a bit of a bounce back from what we had last
week. It seems to be a buy on dips mentality," said Ian
Nakamoto, director of research at MacDougall, MacDougall &
MacTier.
 The S&P/TSX composite index .GSPTSE finished the session
up 89.01 points, or 0.67 percent, at 13,347.58. Nine of the
index's 10 sectors rose.
 Resource issues were the laggards, with energy stocks
easing on the back of weaker oil prices. Materials stocks rose
just 0.4 percent, undercut by a retreat in gold-mining shares
after they gained early in the session.
 Quadra FNX Mining QUX.TO was the worst performer among
materials issues, plunging 10.8 percent to C$13.90 after the
base metals miner reported 2010 copper production that fell
well short of earlier forecasts.
 BlackBerry manufacturer Research In Motion RIM.TO surged
2.6 percent to C$62.35, gaining back some of last week's steep
losses. RIM's gains helped drive the TSX info tech sector up
1.7 percent.
 Industrial issues were spurred by Canadian National Railway
CN.TO, which rose 1.5 percent to C$68.45 after the railway
said it had reached an agreement with unionized workers,
averting a strike at the country's biggest railroad.
 Also among industrials stocks, Air Canada ACb.TO gained
2.3 percent to C$3.08, while engineering firm SNC-Lavalin
(SNC.TO: Quote) pushed ahead 1.6 percent to C$62.07.
 ($1=$0.99 Canadian)
 (Editing by Peter Galloway)