CANADA STOCKS-Commodities boost TSX for third day

Thu Oct 30, 2008 5:29pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* 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 quote, details)

By Jennifer Kwan

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, led by commodity issues 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 EnCana Corp (ECA.TO: Quote), up 5.9 percent at C$62.70, Canadian Natural Resources (CNQ.TO: Quote), up 7.02 percent at C$62.34, and Royal Bank of Canada (RY.TO: Quote), up 4.7 percent at C$47.58,.

"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.   Continued...