CANADA STOCKS-TSX makes 3rd weekly gain in broad rally

Fri Jul 31, 2009 4:38pm EDT
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* TSX rises for 2nd straight day, up 1.03 pct at 10,787.15

* Third weekly gain, fifth straight monthly advance

* Market shrugs off weak Canada GDP, focuses on U.S.

* Market closed on Monday for civic holiday (Adds details)

By Ka Yan Ng

TORONTO, July 31 (Reuters) - Toronto's main stock index rose for a second straight session on Friday, showing broad strength across most sectors, underpinned by hopes for an economic recovery.

Commodity prices were also firm, with oil turning higher from early weakness and gold jumping to session highs, which lifted the resource-heavy index.

A tug of war between differing GDP reports from Canada and the United States made for choppy trading in the early hours of the session, but the TSX was comfortably higher from late morning onwards. [ID:nN31416560] [ID:nN31434455]

The S&P/TSX composite index .GSPTSE closed up 110.43 points, or 1.03 percent, at 10,787.15. Eight of its 10 main sectors were higher, with gains of about 1 percent in each of the heavyweight financials and energy, while materials climbed 2.27 percent.   Continued...