CANADA STOCKS-Bounce-back in resources helps spur big rally

Tue Oct 28, 2008 4:56pm EDT
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*TSX index rebounds after steep 8 percent drop on Monday

*Energy, materials stocks soar despite stalled oil prices

*Rogers climbs 10 percent after strong quarterly results

(Adds updated closing numbers, quote, details)

TORONTO, Oct 28 (Reuters) - The Toronto Stock Exchange's main index surged on Tuesday as investors flocked to commodity and financial stocks that were beaten down in Monday's steep fall, encouraged by strong earnings from several companies, including Rogers Communications Inc RCIb.TO.

Among heavily weighted stocks that led the market higher were insurer Manulife Financial Corp MFC.TO, which rose 11 percent, oil company EnCana Corp ECA.TO, which was up 8.7 percent, and Barrick Gold ABX.TO, which rallied 12.5 percent on a firmer bullion price.

Shares of Rogers, the country's biggest wireless service provider, rose 10 percent to C$32.00 after it said quarterly profit jumped 84 percent, helped by sales of Apple's iPhone. [ID:N27347751]

TransCanada Corp TRP.TO TRP.TO rose 5.6 percent to C$34.44 after it posted a 20 percent profit rise. [ID:nN28386050]

The market got a boost from strong earnings, said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...