November 28, 2011 / 4:14 PM / 7 years ago

CANADA STOCKS-TSX jumps more than 2 pct on euro zone hopes

 * TSX up 258.87 points, or 2.3 pct, at 11,720.93
 * Index’s biggest jump since Oct. 27
 * Energy, materials shares lead gains  (Updates to midmorning, adds details)  
 TORONTO, Nov 28 (Reuters) - Toronto’s main stock index was up more than 2 percent on Monday morning as resource issues jumped on hopes that Europe will unveil new measures to tackle the euro-zone debt crisis.
 Rising oil, gold and copper prices helped Canadian stocks rally after dropping 4 percent last week.
 All of the index’s top 10 main sectors were up, led by oil and gas shares, which climbed 3.5 percent as U.S. crude oil spiked to nearly $100 a barrel. [O/R]
 Canadian Natural Resources (CNQ.TO) led the sector’s gains, jumping 5.8 percent to C$35.92. Suncor Energy (SU.TO) was also among the biggest risers, up 3.8 percent to C$29.19.
 The heavily weighted materials sector, up more than 3 percent, was buoyed by higher gold and copper prices [GOL/] [MET/L]. Both hit one-week highs on hopes a meeting among euro zone ministers on Tuesday would pave the way for a 440 billion euro bailout fund, guided by the European Financial Stability Facility. [ID:nL5E7MR0UA]
 Among the sector’s leaders were First Quantum Minerals (FM.TO), up more than 10 percent at C$18.75, and Barrick Gold, up 3.1 percent at C$51.57.
 “Pretty well anything cyclical seems to be moving higher today,” said Robert Kavcic, an economist at BMO Capital Markets. “Equities have been so beaten up that any hope of something positive coming out of there looks like enough to get markets moving pretty significantly.”
  The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 258.87 points, or 2.3 percent, at 11,720.93. It was the index’s biggest jump since Oct. 27.
 Canadian retail shares got a boost from strong U.S. sales over the Thanksgiving holiday weekend.
 The U.S. S&P retail index .RLX advanced 3.2 percent, and Toronto’s consumer discretionary sector edged up 0.3 percent. Canadian Tire Corp (CTC.TO) was among the top performers, rising 0.5 percent to C$63.30.
 ($1=$1.03 Canadian)  (Editing by Peter Galloway                 

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