July 13, 2010 / 8:46 PM / 9 years ago

CANADA STOCKS-TSX rises in broad rally to hit 2-week high

* TSX gains 0.93 percent to 11,672.84.

* All 10 sectors rise; 6 post gains of at least 0.9 pct (Updates with details, commentary)

TORONTO, July 13 (Reuters) - Toronto stocks rallied on Tuesday as heavyweight resource shares, supported by firm commodity prices and renewed optimism over the global economic recovery, helped the main index touch a two-week high.

U.S. earnings season got underway on Monday with Alcoa Inc’s (AA.N) better-than-expected quarterly profit and outlook, which is often seen as a bellwether of the U.S. economy. The results helped to lift U.S. stock indexes as well. [ID:nN13242453] [.N]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE climbed 107.08 points, or 0.93 percent, to 11,672.84. Earlier, it had reached its highest since June 28 at 11,695.56.

All of the index’s 10 sectors were higher, with six groups up at least 0.9 percent.

John Ing, president of Maison Placements Canada, said some of the earnings reports have given the market a much better tone following a recent decline that was triggered by fears the economy could fall back into recession, though he was cautious about the move higher.

“It’s coming with lower volume so it’s not necessarily happy days are here again,” he said.

Blackberry maker Research in Motion RIM.TO was among one of the most influential advancers, up nearly 3 percent to C$57.49, in a session where shares of rival Apple Inc (AAPL.O) slid after a poor review for its iPhone 4 from an influential consumer guide. [ID:nN13254388]

Ing pointed to news that RIM has been granted approval for a common share repurchase program. [ID:nWNAB5061

Commodities were also influential, as the Thomson Reuters-Jefferies CRB index .CRB, a global benchmark of 19 different commodities including metals, was up more than 1 percent. Energy gained 0.97 percent and materials were up 0.27 percent in response.

Imperial Oil (IMO.TO) was up 1.6 percent at C$39.94, while Teck Resources TCKb.TO climbed 1.34 percent to C$34.89.

Financials, which are often a play on the broader economy, were also strong performers with a 1.31 percent rise. Bank of Nova Scotia (BNS.TO) rose 2.77 percent to C$52.

$1=$1.03 Canadian Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below