CANADA STOCKS-TSX climbs as oil rallies, data impresses

Mon May 31, 2010 4:53pm EDT
 
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* TSX closes up 91.55 points at 11,762.99

* Resources, banks lead index higher

* GDP grows at 6.1 percent annual rate in Q1 (Updates to close, adds details, quotes)

By Claire Sibonney

TORONTO, May 31 (Reuters) - Toronto's main stock index closed higher on Monday as firm commodity prices and robust economic growth data helped lift the index's resource and banking shares.

Canada's economy expanded at the fastest clip in more than a decade in the first quarter, with a hot housing market and a return of business investment helping to boost gross domestic product by 6.1 percent annually. [ID:nN31253710]

As well, oil rose above $74, sending the energy-loaded index up 0.5 percent. [O/R]

Suncor Energy Inc (SU.TO: Quote), the country's largest oil producer, rose 1.3 percent to C$32.50 and natural gas major EnCana Corp (ECA.TO: Quote) soared 2.5 percent to C$33.24.

The index's economically sensitive financial sector, up 0.2 percent, recovered some ground lost last week when some of Canada's big banks reported results that missed high market expectations. [ID:nN27201801]   Continued...