CANADA STOCKS-TSX rises on commodities, data after 3-day fall

Wed Oct 5, 2011 10:58am EDT

Related Topics

 *TSX rises 243.79 points to 11,421.70
 *All 10 sectors stronger
 *RIM surges on takeover speculation
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Oct 5 (Reuters) - Toronto's main stock index rose
sharply on Wednesday morning after three days of losses,
jumping more than 2 percent as commodity prices rallied and
U.S. economic data came in stronger than expected.
 Oil prices rebounded after nervous investors were reassured
by an agreement among European finance ministers to safeguard
their banks. [O/R]
 As well, U.S. data showing more robust service sector
activity and private employment whet investor appetite for risk
assets. [ID:nN1E79407S]
 All 10 TSX index sectors were stronger as the
resource-heavy Canadian market outperformed its U.S.
counterparts, catching up after recent underperformance. [.N]
 Among the index's top gainers were battered energy and
financial shares. Suncor Energy (SU.TO) surged 6.1 percent to
C$26.98, and Bank of Nova Scotia (BNS.TO) climbed 2.6 percent
to C$51.49.
 "I think here, we're hopefully not getting a dead-cat
bounce, but that, maybe, is just what it is. We'll have to see
what happens as we go throughout the day," said John Kinsey,
portfolio manager at Caldwell Securities.
 At 10:37 a.m. (1437 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 243.79 points, or 2.2
percent, at 11,421.70.
 "September was a very bad month and nothing goes straight
down or straight up. You do expect some kind of a rebound and
it looks like that's what we're going to get today," Kinsey
said.
 Research In Motion RIM.TO soared 12 percent C$24.95 on
takeover speculation a day after the BlackBerry maker's stock
fell below $20 for the first time in almost six years.
 Also gaining were gold miners as bullion prices retraced
some losses. Among them, Goldcorp  (G.TO) was up 2.6 percent at
C$471.5. [GOL/]
($1=$1.05 Canadian)
 (Additional reporting by Ashleigh Patterson; editing by Peter
Galloway)
















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