July 8, 2010 / 8:49 PM / 9 years ago

CANADA STOCKS-TSX climbs for 3rd day on firm data, oil prices

* TSX up 0.32 percent to close at 11,433.37

* Most sectors make late session rally (Updates to close)

By Ka Yan Ng

TORONTO, July 8 (Reuters) - Toronto’s main stock index closed higher on Thursday after a see-saw session, helped by stronger oil prices and U.S. data that boosted confidence in the global economic recovery.

A bigger-than-expected decline in U.S. jobless claims was welcome news after a wave of weak reports had stirred chatter that the U.S. economy was headed back into recession. [ID:nN08209499]

The jobless claims data provided “lift-off” for the market, while firmer commodity prices, a rebounding euro, and upbeat company outlooks also helped to shore up confidence, said Barry Schwartz, a portfolio manager at Baskin Financial Services.

“All of a sudden risk is back on the table and people are maybe saying the market has overreacted to the possibility of a double-dip recession,” he said.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 36.10 points, or 0.32 percent, to close at 11,433.37, its third straight day of gains.

Eight of the index’s 10 main sectors were higher, with most reversing losses late in the session. The move followed rallying U.S. stocks, which also rose for a third day.

The oil and gas group, up 1.22 percent, led advancers as the price of oil bounced above $75 per barrel, supported by a global rally in riskier assets and an industry report showing a sharp drop in U.S. crude oil inventories. [O/R]

That helped boost big-name energy issues such as Canadian Natural Resources (CNQ.TO), up 2.43 percent to C$36.69, while EnCana (ECA.TO) rose 2.71 percent to C$34.06.

Offsetting gains on Thursday were gold issues, as falling bullion prices dragged down the shares of miners. Barrick Gold Corp (ABX.TO) fell 3.39 percent to C$44.41.

$1=$1.04 Canadian Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson

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