(Adds details, updates prices)
* TSX rises 141.65 points, or 1.1 percent, to 13,064.12
* Eight of the TSX’s 10 main groups gain
TORONTO, Dec 9 (Reuters) - Canada’s main stock index bounced off its weakest close in two years on Wednesday, helped by a rebound in heavyweight resource and financial stocks as commodity prices caught a break from a bruising sell-off.
The energy group climbed 1.9 percent as strong Japanese data and a surprise drop in U.S. oil stockpiles boosted crude prices off of 2009 lows, while gains for copper and gold helped materials stocks rise 2.1 percent overall.
Those two groups, which combined account for more than a quarter of the index’s weight, have lost between 22 and 27 percent of their value this year.
Pipeline companies were among the most influential gainers on the day, with Enbridge Inc up 3.4 percent to C$43.30 and TransCanada Corp advancing 3 percent to C$42.24. Some investors view the dividends of these Canadian infrastructure stocks as well protected from commodity price weakness and the overall industry slowdown.
Heavyweight producers also featured in the winning column, with Suncor Energy Inc adding 2.2 percent to C$35.73 and Canadian Natural Resources gaining 1.9 percent to C$29.17.
At 10:02 a.m. EST (1502 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 141.65 points, or 1.1 percent, to 13,064.12.
The index posted its lowest close in more than two years on Tuesday as oil, a major Canadian export, plumbed near seven-year lows on fear that global oil producers will pump even more crude in a battle for market share in a saturated market.
On Wednesday, U.S. crude prices were up 3 percent to $38.66 a barrel, while Brent crude added 2.6 percent to $41.31.
Financials climbed 1.1 percent, with Toronto-Dominion Bank rising 2.1 percent to C$54.25 and Bank of Nova Scotia up 1.3 percent to C$58.22.
The group had weighed heavily on Tuesday after all the major banks last week reported more bad loans in the energy sector than a year ago. Investors worry this could turn into more writedowns for the lenders.
Eight of the index’s 10 main groups were in positive territory, with seven gainers for every two decliners.
Gold miners were also among the gainers as spot gold rose 1 percent, with Barrick Gold Corp advancing 4.0 percent to C$10.64 and Goldcorp up 2.8 percent to C$16.73.
First Quantum Minerals Ltd advanced 8.0 percent to C$4.75. Copper prices advanced 1.0 percent to $4,632 a tonne. (Reporting by Alastair Sharp; Editing by James Dalgleish)
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