CANADA STOCKS-TSX rises on hopes for euro zone rescue

Tue Sep 27, 2011 5:04pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX rises 113.9 points, or 0.97 percent to 11,821.09
 * All 10 main index sectors higher
 * Energy stocks lead gains; gold miners weigh
 By Trish Nixon
 TORONTO, Sept 27 (Reuters) - Toronto's main stock market
index rose on Tuesday, building on a rally that began late on
Monday, as optimism grew that euro zone policymakers were
readying decisive action to tackle the region's debt crisis.
 The index surged nearly 3 percent in intraday trade,
hitting a session high of 12,057.95, as euro zone officials
were seen considering plans to increase the size of its bailout
fund and to recapitalize banks. [ID:nL5E7KR1CV]
 But sharp selling heading into the close highlighted
investors' ongoing nervousness.
 "We're kind of on a roller coaster ride here, all the focus
on the sovereign debt problems in Europe," said John Kinsey, a
portfolio manager at Caldwell Securities Ltd.
 "Today is one of those days where people are optimistic
that something may happen, and it looks like maybe they're on
track to get something accomplished ... (but) tomorrow could be
another one of those bad days."
 Base-metal miners and energy issues led the gains on the
TSX as commodities rebounded across the board. Suncor Energy
SU.TO was up 2.6 percent at C$28.38, while First Quantum
Minerals FM.TO surged 9.7 percent to C$16.40. [O/R] [MET/L]
 Financial stocks were also higher, with the sector up 0.7
percent. Bank of Nova Scotia BNS.TO gained 1.3 percent to
C$52.97 and Manulife Financial MFC.TO was up 2.1 percent at
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended the session up 113.9 points, or 0.97 percent,
at 11,821.09. All of the 10 index sectors were higher.
 But gold miners weighed on the index and the broader
materials sector, despite strength in the metal itself. [GOL/]
 Kinross Gold K.TO was the heaviest decliner, down 3.05
percent at C$15.28, while Goldcorp G.TO fell 1.3 percent to
 (Editing by Jeffrey Hodgson)