March 25, 2010 / 2:31 PM / 9 years ago

CANADA STOCKS-Resources, banks lead broad TSX rally

 * TSX up 31.40 points, or 0.28 percent, at 11,994.37
 * Weaker U.S. dollar supports commodity rise
 * Nine of TSX’s main groups higher  (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, March 25 (Reuters) - Toronto’s main stock index rose on Thursday morning as a softer U.S. dollar helped to push up the price of oil and metals, lifting the resource-laden market.
 Teck Resources TCKb.TO climbed 0.6 percent to C$41.92, while Suncor Energy (SU.TO) was up 0.5 percent at C$31.35. The hefty materials and energy sectors were up 0.2 percent and 0.4 percent, respectively.
 Also supporting the move higher was the big financial sector, up 0.2 percent, with Toronto-Dominion Bank (TD.TO) up 0.1 percent at C$76.13.
 There was a slightly brighter tone in markets around the world as European leaders appeared to be nearing a consensus on support for debt-stricken Greece [ID:nLDE62N2R1], said Gareth Watson, Canadian equity advisor at ScotiaMcLeod.
 “I think the tone today is a little bit more positive because of the larger macro factors,” Watson said. “It’s not a reason why people are buying specific Canadian stocks. But people are seeing markets in general higher around the world.”
 The euro rose from a 10-month low against the U.S. dollar on Thursday ahead of a summit of European leaders to discuss possible aid for heavily indebted Greece. [FRX/] [MKTS/GLOB]
 At 10:07 a.m. (1407 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 31.40 points, or 0.28 percent, at 11,994.37, with nine of its 10 main groups higher.
 The price of oil rose above $81 a barrel on the weaker U.S. dollar, while gold prices were also firmer, fueling a bid on resource-linked shares. [O/R] [GOL/]
 Elsewhere, shares of Lululemon Athletica LLL.TO rose 9.9 percent to C$40.56, after clothing retailer said its quarterly profit nearly tripled, helped by its line of running gear and a rebound in consumer confidence. [ID:nN25211851]
 ($1=$1.02 Canadian)  (Reporting by Jennifer Kwan; editing by Rob Wilson)                                       

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