September 27, 2011 / 9:05 PM / 7 years ago

CANADA STOCKS-TSX rises on hopes for euro zone rescue

 * TSX rises 113.9 points, or 0.97 percent to 11,821.09
 * All 10 main index sectors higher
 * Energy stocks lead gains; gold miners weigh
 By Trish Nixon
 TORONTO, Sept 27 (Reuters) - Toronto’s main stock market index rose on Tuesday, building on a rally that began late on Monday, as optimism grew that euro zone policymakers were readying decisive action to tackle the region’s debt crisis.
 The index surged nearly 3 percent in intraday trade, hitting a session high of 12,057.95, as euro zone officials were seen considering plans to increase the size of its bailout fund and to recapitalize banks. [ID:nL5E7KR1CV]
 But sharp selling heading into the close highlighted investors’ ongoing nervousness.
 “We’re kind of on a roller coaster ride here, all the focus on the sovereign debt problems in Europe,” said John Kinsey, a portfolio manager at Caldwell Securities Ltd.
 “Today is one of those days where people are optimistic that something may happen, and it looks like maybe they’re on track to get something accomplished ... (but) tomorrow could be another one of those bad days.”
 Base-metal miners and energy issues led the gains on the TSX as commodities rebounded across the board. Suncor Energy (SU.TO) was up 2.6 percent at C$28.38, while First Quantum Minerals (FM.TO) surged 9.7 percent to C$16.40. [O/R] [MET/L]
 Financial stocks were also higher, with the sector up 0.7 percent. Bank of Nova Scotia (BNS.TO) gained 1.3 percent to C$52.97 and Manulife Financial (MFC.TO) was up 2.1 percent at C$12.25.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended the session up 113.9 points, or 0.97 percent, at 11,821.09. All of the 10 index sectors were higher.
 But gold miners weighed on the index and the broader materials sector, despite strength in the metal itself. [GOL/]
 Kinross Gold (K.TO) was the heaviest decliner, down 3.05 percent at C$15.28, while Goldcorp (G.TO) fell 1.3 percent to C$47.05.  (Editing by Jeffrey Hodgson)                 

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