CANADA STOCKS-Commodities extend TSX rally to 3rd session

Thu Oct 30, 2008 5:04pm EDT
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* TSX rises for third session in a row

* Energy, materials lead index higher

* Imperial Oil up 5 percent after quarterly results

* Barrick up 7.1 percent despite results (Adds official closing figures, quotes, details)

TORONTO, Oct 30 (Reuters) - The Toronto Stock Exchange's main index jumped more than 3 percent on Thursday, its third straight day of healthy gains, with commodity issues leading the way as market sentiment remained buoyant after Wednesday's rate cut by the U.S. Federal Reserve.

Heavily weighted stocks that led the market higher included Royal Bank of Canada (RY.TO: Quote), up 4.7 percent at C$47.58, EnCana Corp (ECA.TO: Quote), up 5.9 percent at C$62.70, and Canadian Natural Resources (CNQ.TO: Quote), higher by 7.02 percent at C$62.34.

"It's a carry through of some of the relief in the market from the rate cut yesterday, suspecting that might help to boost the economy a little bit," said Michael Sprung, president at Sprung & Co. Investment Counsel.

"Therefore the price of oil and commodities might not get as depressed as feared before," he said.

"We might be seeing the market exhibiting a little bit more stability here and perhaps some of the extreme volatility that has been so characteristic of the market in October is beginning to dissipate," Sprung added.   Continued...