July 9, 2010 / 7:30 PM / in 7 years

CANADA STOCKS-TSX rallies on materials, defensive issues

TORONTO, July 9 (Reuters) - Toronto’s main stock index was up 1 percent on Friday afternoon in a broad rally led by the materials sector, which rebounded from Thursday’s selloff.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE climbed 113.98 points, or 1 percent, to 11,547.35.

Materials were up 2.24 percent, rebounding with the price of gold, while financials gained nearly 1 percent on confidence in the economy. So-called defensive sectors such as utilities and consumer staples also posted strong gains.

Earlier, data showed Canada’s economy created six times more jobs than forecast in June to a near-record gain. [ID:nN09261751]

Reporting by Ka Yan Ng; editing by Rob Wilson

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