CANADA STOCKS-TSX rises on commodity strength; banks weak

Fri May 29, 2009 10:54am EDT
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* TSX up 0.57 percent at 10,452.04

* Energy, materials up on firm oil and metals prices

* Financials fall 1 percent; RBC results weigh (Adds details, quotes)

By Jennifer Kwan

TORONTO, May 29 (Reuters) - Toronto's main stock market index was higher on Friday morning as rising commodity prices lifted the resource-laden index after U.S. data fanned optimism about a global economic recovery.

Energy and materials shares, up 2 percent and 2.1 percent, respectively, led the index higher on a rise in oil and metals prices after U.S. data fanned hope about a global economic recovery. [ID:nSYD450019] [ID:nLT268826]

The U.S. economy contracted less than initially estimated in the first quarter, data showed, while corporate profits rebounded. [ID:nN29399341]

"Overall, the data looks like it's pointing to maybe the economy is starting to stabilize a bit, particularly south of the border, which bodes well for commodities," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

At 10:29 a.m. (1429 GMT), the S&P/TSX composite index .GSPTSE was up 59.67 points, or 0.57 percent, at 10,452.04, with five of the its 10 main groups higher.   Continued...