CANADA STOCKS-TSX surges as China news boosts commodities

Thu May 27, 2010 10:36am EDT
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* TSX up 127.81 points, or 1.11 percent, at 11,671.71

* Weak bank results limit TSX gains

* Nine of 10 indexes higher (Adds details, quote)

By Jennifer Kwan

TORONTO, May 27 (Reuters) - Toronto's main stock market index climbed sharply on Thursday morning, supported by rising commodity prices and a rebound in global equities, even though the market showed disappointment with the quarterly results of several Canadian banks.

Resource issues led the way up as oil climbed above $73 a barrel, while gold and base metals prices also had a firmer showing. [O/R] [GOL/] [MET/L]

Canadian Natural Resources (CNQ.TO: Quote) rose 3.5 percent to C$35.99, while Suncor Energy (SU.TO: Quote) climbed 2.9 percent to C$31.59. Teck Resources TCKb.TO was up 4.5 percent at C$36.08.

The catalyst helping markets higher on Thursday was an affirmation by China that it is a long-term investor in Europe, said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

"That helped dampen concerns that the region's debt crisis will worsen. That helped bolster commodities," Ibel said, referring to euro zone debt problems.   Continued...