CANADA STOCKS-Resource rally helps TSX break 2-day slide

Thu Jul 30, 2009 5:27pm EDT
 
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* TSX up 2.12 percent at 10,676.72

* Higher commodity prices drive gains from opening bell

* All 10 main sectors in higher territory (Adds details, comments)

By Ka Yan Ng

TORONTO, July 30 (Reuters) - A swift return to hopes of economic recovery and a surge in prices for key Canadian commodities helped push Toronto's main stock index higher by more than 2 percent on Thursday.

The TSX shot upwards from the get-go and hardly looked back as all 10 sectors advanced strongly, allowing the overall market to make up nearly all of the last two days' declines.

Extra credit for the rally went to the energy and materials sectors, up 2.44 percent and 3.29 percent respectively, as the price of oil and gold rebounded from recent pressure.

Oil jumped more than 5 percent towards $67 a barrel, while gold tracked oil's rise, as U.S. economic data sparked fresh optimism that the recession may be bottoming out. [ID:nSP411146]

Shares of Suncor Energy (SU.TO: Quote) led all influential advancers, up 4.44 percent at C$34.80, while Canadian Natural Resources (CNQ.TO: Quote) rose 3.56 percent to C$63.95.   Continued...