August 22, 2011 / 2:43 PM / 7 years ago

CANADA STOCKS-TSX bounces higher as risk appetite returns

 *TSX up 165.06 points, or 1.37 percent, at 12,172.53
 *All 10 sectors stronger, led by financials, materials  (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Aug 22 (Reuters) - Toronto’s main stock market index rebounded sharply on Monday morning from last week’s steep selloffs as bargain-hunting among hard-hit shares signaled a pick-up in risk appetite.
 Among the most heavily weighted climbers, Toronto-Dominion Bank (TD.TO) rallied 1.3 percent to C$72.04, Royal Bank of Canada (RY.TO) rose 1.1 percent to C$49.50, and Potash Corp POT.TO added 1.4 percent to C$50.77.
 Other commodity-related shares were also well bid as U.S. oil futures rose more than $2 a barrel and gold hit a record high near $1,900 an ounce. [GOL/]
 Goldcorp Inc (G.TO) jumped 2.7 percent to C$52.55 and Suncor Energy (SU.TO) advanced almost 1 percent to C$29.51.
 “I think the fact that we got through the weekend without any terrible news was definitely slightly positive,” said Youssef Zohny, portfolio manager at Van Arbor Asset Management in Vancouver.
 “We’ve seen a very volatile period in the markets, but I think a lot of buyers are looking for a bit of stability to commit some capital and I think we’re starting to see that a little bit this morning.”
 He noted that hopes for an imminent end to the conflict in OPEC-member Libya also helped brighten sentiment as investors seek more clarity on oil supply.
 At 10:19 a.m. (1419 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 165.06 points, or 1.37 percent, at C$12,172.53. All 10 sectors were stronger, led by the weighty financial and material groups, up 1.4 percent and 2.1 percent respectively.
 The TSX lost more than 4 percent last week on concerns about a double-dip recession in the United States and the debt crisis in Europe.
 The market is focused this week on U.S. Federal Reserve Chairman Ben Bernanke’s speech on Friday at the annual central bank conference in Jackson Hole, Wyoming, hoping for clues on what types of actions the Fed might take if there is a further downturn in the economy. [nN1E77I0NF]
  ($1=$0.99 Canadian)  (Reporting by Claire Sibonney; editing by Peter Galloway)                                        

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