May 12, 2010 / 8:46 PM / 9 years ago

CANADA STOCKS-TSX shoots higher as euro zone fears ease

* TSX up 195.47 points, or 1.63 percent, at 12,196.08

* All 10 main sectors higher (Adds official closing numbers, details, quote)

By Jennifer Kwan

TORONTO, May 12 (Reuters) - Toronto’s main stock index rose for a third straight session on Wednesday as concerns eased about euro zone debt problems and their impact on economic recovery.

The index’s big energy, materials and financial groups led the charge higher after Spain outlined measures to cut its deficit, which quieted fears that the Greek debt crisis could spread to other countries in Europe. [MKTS/GLOB]

Suncor Energy (SU.TO) rose 3 percent to C$32.91, First Quantum Minerals (FM.TO) rallied 5 percent to C$73.60, and Royal Bank of Canada (RY.TO) was up 1.8 percent at C$61.13.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the session up 195.47 points, or 1.63 percent, at 12,196.08, with all its 10 main groups higher.

Last week the index dived 4.2 percent on euro-zone contagion fears.

“After duck and cover last week people are coming back on the bandwagon,” said Francis Campeau, broker at MF Global Canada, in Montreal.

Investor anxiety about Europe’s debt problems were not totally erased, however. Safe-haven U.S. gold futures hit a record high above $1,240 an ounce on Wednesday. [GOL/]

In Toronto, shares of Kinross Gold (K.TO) climbed 2.6 percent to C$19.66.

$1=$1.02 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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