CANADA STOCKS-TSX rallies broadly for 3rd week of gains

Fri Jul 31, 2009 5:11pm 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 paragraphs 8-10)

By Ka Yan Ng

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

Commodity prices also aided the rise in the resource-heavy index, with oil turning higher from early weakness and gold jumping to session highs.

A tug-of-war between a darker GDP report in Canada and a brighter one in the United States made for choppy trading in the early hours of the session, but the TSX was comfortably higher from late morning onward. [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 groups, while the materials group climbed 2.27 percent.   Continued...