November 18, 2010 / 10:32 PM / 8 years ago

CANADA STOCKS-TSX rallies on oil and mining companies

* TSX up 212.18 points, or 1.68 percent, at 12,870.01

* Nine of the 10 main groups advanced

* Energy group up 2.2 pct, materials group up 2.3 pct (Updates to close)

By Solarina Ho

TORONTO, Nov 18 (Reuters) - Toronto’s main stock index was bolstered on Thursday by surging energy and mining issues, as easing worries over Ireland’s debt crisis and strong interest in General Motors’ IPO helped power market optimism.

Suncor Energy (SU.TO) was the biggest market mover, climbing 3.9 percent to C$34.90, in step with oil prices that rebounded more than 2 percent after this week’s losses. The heavy-weight energy sector jumped 2.2 percent.

Commodity prices bounced back from big selloffs, with Toronto’s resource-heavy market profiting from the gains. The overall materials group, home to miners, climbed 2.3 percent, with base-metals miner Teck Resources TCKb.TO gaining 3.29 percent to C$50.29.

Copper prices recovered from some of this week’s collapse, climbing nearly 3 percent while bullion advanced more than 1 percent, halting its longest period of consecutive declines in nearly half a year. [MET/L] [GOL/]

Fertilizer giant Potash Corp POT.TO, which announced plans for a stock buyback worth up to $2 billion this week, rose 3.15 percent to C$143.53.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 212.18 points, or 1.68 percent, at 12,870.01.

Nine of the index’s 10 main groups saw positive gains. Consumer discretionary stocks was the lone decliner, edging down 0.07 percent.

“We were due for a pause (in recent declines) and we’re getting that,” said Barry Schwartz, portfolio manager at Baskin Financial Services.

Investors jittery about the eurozone’s sovereign debt problems were relieved by expectations Ireland will likely receive a multi-billion dollar loan from European partners and the International Monetary Fund to help stabilize its economy. [ID:nLDE6AH0HV]

Financial stocks rose 1.71 percent, lead by Royal Bank of Canada (RY.TO), which rose 2.15 percent and C$54.28. Toronto Dominion Bank (TD.TO) gained 1.66 percent to C$74.24.

General Motors’ GMMu.TO successful initial public offering also helped lift the overall market mood. The IPO represents the last step of the automaker’s government bailout in 2009 and its restructuring. [ID:nN18285952]

$1=$1.01 Canadian Editing by Jeffrey Hodgson

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