CANADA STOCKS-TSX rises as earnings impress, euro fears ease

Thu Apr 29, 2010 4:30pm EDT
 
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* TSX ends 1.02 percent higher at 12,200.32

* Broad strength led by energy, financials

* Four groups post 1 percent gains or more (Updates to close)

By Ka Yan Ng

TORONTO, April 29 (Reuters) - Toronto's main stock index ended higher on Thursday, recouping some of the losses of the previous two sessions, as fears over euro zone sovereign debt ebbed and healthy corporate earnings boosted optimism.

Investors were willing to take on risk again after Greece readied severe austerity measures to secure multibillion-dollar aid plans, providing relief to financial markets. [ID:nLDE63S0BL]

The move paved the way for the heavyweight financial and resource sectors to lead the Toronto index higher, which had lost 1.66 percent over two days on fears stirred up by downgrades to the credit ratings of Greece, Portugal and Spain.

Oil and gas issues were supported by the price of crude oil above $85 a barrel, as well as climbing profits at Canada's big oil sands producers. [O/R] [ID:nN2997957]

Imperial Oil (IMO.TO: Quote) rose 0.68 percent to C$43.18, while Cenovus (CVE.TO: Quote) shares jumped 4.72 percent to C$29.94. Canadian Oil Sands Trust COS_u.TO edged up 0.06 percent to C$31.26.   Continued...