October 25, 2010 / 2:20 PM / 7 years ago

CANADA STOCKS-TSX advances broadly as resources rally

* TSX rises 0.6 percent to 12,676.98

* Commodity prices supported by falling greenback

* All 10 index sectors advance (Adds details)

TORONTO, Oct 25 (Reuters) - Toronto’s main stock index rose to its highest level in more than a week on Monday morning as commodities prices were bolstered by a declining U.S. currency.

Resources, which are largely priced in U.S. dollars, surged on a selloff in the greenback after this past weekend’s Group of 20 leaders meeting in South Korea produced few firm policy initiatives.

At 10:05 a.m. (1405 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 75.80 points, or 0.6 percent, at 12,676.98, holding gains after data showed U.S. existing home sales rose by a better-than-expected 10 percent in September.

All 10 of the index’s main sectors were higher, led by a 1.1 percent advance in the heavily weighted materials group.

The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, was up more than 1 percent as the price of key resources such as gold, copper and oil rose.

Teck Resources TCKb.TO jumped 2.3 percent to C$46.52, while Suncor Energy (SU.TO) rose 0.93 percent to C$33.81. Canadian Natural Resources (CNQ.TO) advanced 1.2 percent to C$37.12, and Goldcorp (G.TO) pushed up 0.95 percent to C$43.60.

“It came out of the gate kind of strong,” said Bruce Latimer, trader at Dundee Securities. “Gold has been in a profit-taking mode in the last few weeks so there’s a little turn. But I think people are very cautious to buy into this rebound. I think they want to be patient.”

Copper miner Equinox Minerals EQN.TO gained 3.8 percent to C$6 after it said it would buy Australian-listed Citadel Resource Group for $1.23 billion. The deal could give Equinox the same copper output as BHP Billiton’s Olympic Dam mine, the world’s fourth-largest deposit. [ID:nSGE69N031]

$1=$1.02 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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