(Refiles to correct stock symbol for Canadian Pacific Railway in ninth paragraph)
* TSX up 46.45 points at 11,717.44
* Resources, banks, industrials lead
* GDP grows at 6.1 percent annual rate in first quarter (Updates with prices, adds details, quotes)
By Claire Sibonney
TORONTO, May 31 (Reuters) - Toronto’s main stock index rose on Monday morning as firm commodity prices and better-than-expected GDP data helped push up the index’s resource, banking and industrials sectors.
Data showed gross domestic product grew at a 6.1 percent annual rate in the first quarter as strong consumer spending and exports helped the country’s economy expand at the fastest pace in more than a decade. [ID:nN31202447].
As well, oil rose above $74, sending the energy-loaded index up 0.5 percent.
The index’s economically sensitive financial sector, up 0.2 percent, recovered some of the losses it suffered last week when some of Canada’s big banks reported results that missed high market expectations. [ID:nN27201801]
“There is a general positive attitude that we’re seeing in our market here this morning,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.
“Overall, when you look at the GDP numbers, that certainly came as a bit of a surprise as stronger than most economists had forecast, and shows that we still have a fair amount of economic generation here.”
Industrials also powered ahead, bouncing up 0.8 percent with Canadian National Railway (CNR.TO) shooting up 1.6 percent to C$61.39, and Canadian Pacific Railway (CP.TO) jumping more than 1 percent to C$58.50.
“There has been some talk about dividend increases ... certainly CN Rail was one of those to do that dividend increase that they announced last week,” Ketchen said.
At 10:25 a.m. (1425 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 46.45 points, or 0.4 percent, at 11,717.44.
Ketchen cautioned that trading was light because of the U.S. Memorial Day holiday and because Monday is the last day of the month.
“Really, it’s a day that we’ll probably spin our wheels for the simple reason that U.S. markets are closed.”
$1=$1.05 Canadian Reporting by Claire Sibonney; editing by Peter Galloway