(Adds analyst comment, market details)
* TSX up 48.59 points, or 0.32 percent, at 15,029.31
* Eight of the TSX’s 10 main groups higher
TORONTO, May 14 (Reuters) - Canada’s main stock index rose on Thursday as resource stocks, buoyed by a gold rally, helped the market rebound from recent losses.
The most influential movers on the index were Goldcorp Inc , which rose 2.84 percent to C$23.90, and Barrick Gold Corp, which advanced 1.5 percent to C$16.07.
The overall materials sector, home to mining companies, climbed 1.3 percent.
Gold prices touched a three-month high as the U.S. dollar retreated again following the latest batch of mixed U.S. data. Gold futures were up 0.6 percent at $1,225.6.
At 10:43 a.m. EDT (1443 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 48.59 points, or 0.32 percent, at 15,029.31.
Eight of the index’s 10 main groups were higher. Advancing issues outnumbered declining ones on the TSX by 158 to 82, for a 1.93-to-1 ratio on the upside.
“The market’s starting to react to a better tone in earnings. The other thing is importantly ... a stronger tone from energy,” said Paul Taylor, CIO, Fundamental Equities, BMO Asset Management Inc.
But Taylor cautioned that overall, the TSX was not trading at a level commensurate to the full-year earnings expected from companies.
“We still feel that unless we get a dramatically different trajectory in the price of oil, the Canadian equity market is ahead of itself.”
Energy stocks were flat, with Encana Corp shares up 1.7 percent at C$16.57 and Canadian Natural Resources falling 0.4 percent to C$38.15.
Oil prices, which have rallied sharply in recent weeks, remained within striking distance of 2015 highs, though trading was choppy on Thursday. U.S. crude prices were down 0.8 percent at $60.03, while Brent crude lost 0.2 percent to $66.69.
Bombardier Inc shares rose 1.6 percent to C$2.59 after the company announced plans to cut 1,750 jobs in its business-jet unit.
Canadian Tire Corp advanced 0.7 percent to C$127.38 after the company reported a better-than-expected quarterly profit.
The heavily weighted financials were off 0.1 percent. (Reporting by Solarina Ho; Editing by Matthew Lewis)
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