October 12, 2011 / 8:53 PM / 7 years ago

CANADA STOCKS-TSX gains 1 pct on European optimism

 *TSX ends up 154.41 points, or 1.3 percent, at 12,029.96
 *Nine out of 10 sectors end higher
 By Ashleigh Patterson
 TORONTO, Oct 12 (Reuters) - Toronto’s main stock index rose more than 1 percent on Wednesday to its highest close in more than three weeks, lifted by hopes for a solution to Europe’s financial crisis.
 Among the top gainers, Suncor Energy (SU.TO) rose 2.63 percent to C$29.61 as Brent crude oil rallied for a sixth straight session, helped up by the optimism over the European debt crisis .[O/R] Fellow oil company Canadian Natural Resources (CNQ.TO) rose 2.66 percent to C$32.04, up 2.66 percent.  
 “I think those are some of the stocks that got hit hard in the last three or four weeks. It was a source of liquidity when the market was selling off and now people are seeing them as sources of value,” said Bruce Latimer, trader at Dundee Securities
 The TSX index’s rise followed the move of other major world exchanges, which also hit three-week highs as investors cheered after politicians in Slovakia reached a deal that will let the country approve an expansion of the euro zone’s rescue fund. [MKTS/GLOB]
 Slovakia is the last country in the 17-member currency zone left to approve the revamped European Financial Stability Facility. [ID:nL5E7LC0JT]
  The Toronto Stock Exchange’s S&P/TSX composite ended up 154.41 points, or 1.3 percent, at 12,029.96  .GSPTSE. Nine of its 10 sectors rose, with the information technology group, home to BlackBerry maker Research In Motion RIM.TO, the sole decliner.
 RIM closed down 3.46 percent at C$24.27 as the company struggled to work through a service outage caused by a backlog of messages after a core switch failure in Europe. The company said there was no hack or breach of its systems.[ID:N1E79B1JU]
 Highly leveraged to the stock market, Manulife Financial (MFC.TO) finished strong on Wednesday, rising 3.96 percent to C$12.85 on the upswing in risk sentiment.
 Among other financial shares, Toronto-Dominion Bank (TD.TO) rallied 1.27 percent to C$75.20, and Royal Bank of Canada (RY.TO) rose 1.84 percent to C$48.83.
 ($1=$1.02 Canadian)  (Reporting by Ashleigh Patterson; editing by Peter Galloway)                 

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