* TSX rises 64.30 points, or 0.52 percent, to 12,377.05
* Materials lead rally, led by Yamana
* Relief among some investors storm damage wasn't worse
* Thin volumes as U.S. markets shut
By John Tilak
TORONTO, Oct 30 Toronto's main stock index rose
on Tuesday led by materials stocks, though volume was lighter
than usual, as investors sought to gauge the impact of storm
Sandy on the United States.
Sandy, one of the biggest storms to ever hit the country,
left at least 30 people dead and caused significant power
disruptions, though some market players had expected even more
"It's a pretty broad-based move," Elvis Picardo, strategist
and vice president of research at Global Securities in
Vancouver, said of the market's rise. "It reflects some relief
that the storm hasn't caused as much damage as people had
After opening lower, the Toronto Stock Exchange's S&P/TSX
composite index ended the day up 64.30 points, or 0.52
percent, at 12,377.05.
The index touched a one-week high of 12,395.43, while all
but one of the 10 main index subgroups were positive.
Financials, which make up nearly one-third of the index,
rose 0.44 percent, led by insurer Manulife Financial,
up 1.1 percent at C$12.27.
After markets closed, Manulife said its exposure to Sandy
was manageable and within its risk tolerance.
Materials stocks rose 1 percent rise. Yamana Gold
gained 3.8 percent at C$19.48, after the gold miner maintained
its production outlook for the year and said its development
projects are on time and on budget.
Smaller gold mining rival Osisko Mining climbed 4.2
percent to C$9.61.
ENERGY STOCKS CLIMB
The energy subgroup, one of the index's largest sectors,
gained 0.36 percent, despite a sharp decline near the close.
Investors bought energy shares even though Brent crude prices
Encana Corp rose 1.4 percent to C$23.15, while
Canadian Oil Sands Ltd climbed 2.9 percent to C$21.20
after the company posted a 40 percent rise in third-quarter
However, the Canadian market felt the effect of the closure
of U.S. stock markets for a second straight day, with trading
"The disruption caused by the storm with the closure of the
financial markets in the United States is having the major
effect," said Gavin Graham, president of Graham Investment
Strategy. "Given how lackluster the trading is, how low the
volumes are, people are very reluctant to take positions."
Despite a late surge in trading volume, activity on the
Toronto exchange was a sparse 178.3 million, versus the 356.4
million daily average in September, the last complete month of
statistics provided by the exchange.
Among individual movers, engine developer Westport
Innovations plunged 14.4 percent to C$24.19 a day after
it cut its full-year revenue growth forecast to about 30 percent
from 50 percent.