CANADA STOCKS-Resources bounce-back helps spur big rally

Tue Oct 28, 2008 5:23pm 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 quote, details)

By Jennifer Kwan

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: Quote).

Among heavily weighted stocks that led the market higher were insurer Manulife Financial Corp (MFC.TO: Quote), which rose 11 percent, oil company EnCana Corp (ECA.TO: Quote), which was up 8.7 percent, and Barrick Gold (ABX.TO: Quote), 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: Quote) (TRP.TO: Quote) rose 5.6 percent to C$34.44 after it posted a 20 percent profit rise. [ID:nN28386050]   Continued...