August 3, 2010 / 2:46 PM / 9 years ago

CANADA STOCKS-TSX rises to catch up with U.S. Monday rally

*TSX up 116.49 points, or 0.99 percent, at 11,829.92

*Energy shares lead TSX higher as oil rises above $81

*All of TSX main sectors higher after Monday holiday

(Adds details, quotes)

By Jennifer Kwan

TORONTO, Aug 3 (Reuters) - Toronto’s main stock index was sharply higher on Tuesday morning as a weaker U.S. dollar helped to boost oil prices, pushing energy shares higher, and as investors played catch-up with prices on other stock markets after a holiday Monday in Canada.

Energy issues, up 1.3 percent, led the TSX higher with Suncor Energy Inc (SU.TO) jumping 1.8 percent to C$34.51, and Canadian Natural Resources (CNQ.TO) rising 1.1 percent to C$35.79. The price of oil pierced $81 a barrel. [O/R]

The index’s materials group rose 1.1 percent as gold and base metals prices climbed, boosting such names as Barrick Gold (ABX.TO), up 1 percent at C$42.69, and Teck Resources TCKb.TO, which climbed 2.4 percent to C$37.04.

Most Canadian markets were closed on Monday, missing out on rising stock prices in the United States.

“We missed our rally yesterday. What’s happening, we’re catching up,” said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

He said the market was optimistic about U.S. data that showed manufacturing growth in July was better than many analysts had expected. [ID:nN02197601]

“The good number out of the U.S. yesterday — the manufacturing data — just shows economic expansion is going to continue and that’s good news for all commodities,” he said.

At 10:08 a.m. (1408 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 116.49 points, or 0.99 percent, at 11,829.92, with all of its 10 main sectors higher.

Royal Bank of Canada (RY.TO), the country’s biggest lender, rose 1.1 percent to C$54.30, while Toronto-Dominion Bank (TD.TO) was up 1.3 percent at C$74.11.

Research In Motion RIM.TO was in the spotlight on reports the BlackBerry maker RIMM.O may be considering concessions to governments that have voiced concerns about the device’s tight security. [ID:nLDE6720WQ]

As well, RIM is expected to launch a new BlackBerry on Tuesday to do battle with Apple’s iPhone. RIM shares were down 0.5 percent at C$58.87.

Gold miner Kinross Gold Corp (K.TO) said it will buy the 91 percent of Red Back Mining Inc RBI.TO that it does not already own for around $7 billion to create one of the world’s largest gold miners.

Kinross shares, a top net loser on the market, sank 5.3 percent to C$15.97, while Red Back Mining shares rallied 8.3 percent at C$28.18. [ID:nN02108994]

$1=$1.03 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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