May 14, 2009 / 8:52 PM / 10 years ago

CANADA STOCKS-TSX snaps 3-day decline on commodities, banks

* TSX closes up 1.44 percent at 9,849.20

* Resource sectors turn higher, gold and oil firm (Adds details)

By Ka Yan Ng

TORONTO, May 14 (Reuters) - Toronto’s main stock index ended a three-day slide on Thursday, climbing nearly 140 points as the big materials, energy and financials sectors led a broadbased rally.

The materials and energy groups began the session lower, spurred by soft commodity prices. But both eventually gained momentum to the upside, recovering a portion of Wednesday’s steep losses.

The energy sector finished ahead 1.52 percent as crude prices climbed on renewed economic optimism. [ID:nN14507104]

Materials gained 1.41 percent, backed by strength in gold in a mixed session. [ID:nLE725830]

“Golds were strong, gathered strength all day. They were one of the better performing groups,” said John Ing, president of Maison Placements Canada.

Financials rose 1.66 percent after retreating for three straight sessions in what analysts called a “consolidation” phase.

The strength was widespread across eight of the TSX’s 10 main sectors, though most of the influential movers were from the index’s big three groups.

Royal Bank of Canada (RY.TO) led the pack, up 2.64 percent at C$42.35, followed by Potash Corp of Saskatchewan POT.TO, which was up 4.56 percent at C$126.01. Suncor Energy (SU.TO) gained 2.79 percent to C$34.64.

The Toronto Stock Exchange S&P/TSX composite index.GSPTSE closed up 139.69 points, or 1.44 percent, at 9,849.20.

The rebound comes after the TSX posted its first three-day retreat in more than a month. Entering the session, the index was up about 30 percent on a run of weekly gains, after hitting a five-year low in March. (Reporting by Ka Yan Ng; editing by Rob Wilson)

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