By Julie Gordon
TORONTO, May 18 (Reuters) - Toronto's main stock index rose more than 1 percent to hit a one-week high on Wednesday, with oil and gas issues leading a broad rally fueled by a rebound in energy, gold and copper prices.
Energy shares, which make up more than a quarter of the index, rose 2 percent, as oil prices gained more than 3 percent, swept up in a broad commodities rally.
Suncor Energy led the way, closing up 2.67 percent at C$39.56. Canadian Natural Resources added 2.49 percent to C$40.74, while Imperial Oil gained 2.74 percent to $46.46.
'There was some bargain hunting going on, trying to find sort of longer-term opportunities that are at some pretty good prices,' said Brian Pow, vice president of research and equity analyst at Acumen Capital Partners.
'People are sort of putting their heads around how much money's gone into the sector of late,' he added. 'And just the overall sort of longer-term bullishness on Canadian oil.'
The Toronto Stock Exchange's S&P/TSX composite index closed up 166.19 points, or 1.24 percent, at 13,607.25, rebounding after three straight weeks of declines.
The materials sector, which includes influential mining stocks, also helped lift the broader market with a 1.45 percent gain. Diversified miner Teck Resources closed up 4.19 percent at C$48.70, while Potash Corp gained 2.26 percent to C$53.49.
Uranium producer Cameco, which fell more than 5 percent late last week, closed up 2.93 percent at C$26.71.
Research In Motion pushed higher for a second straight day, climbing 3.79 percent to C$44.11, and was one of the most influential gainers overall. Before their recent turn higher, RIM shares had fallen nearly 30 percent this year.
Corporate news was fairly light, so investors were focused on climbing resource prices.
Still, the composite index is vulnerable, said Michael Sprung, president at Sprung & Co. Investment Counsel.
'We've still got enough to worry about around the world, with problems continuing to build in Europe and the inflationary pressures that we're beginning to see,' he said.
'But perhaps what's happening today is people are just jumping in after the decline that we've had.'
The index in general will see continued volatility, said Pow, especially as summer holiday season starts up and volumes come off.
'Volatility will stick through the next couple of months,' he said. 'But overall, I think the trend is upwards for the long-term.'
($1=$0.97 Canadian)
(Editing by Jeffrey Hodgson) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
TORONTO, May 18 (Reuters) - Toronto's main stock index rose more than 1 percent to hit a one-week high on Wednesday, with oil and gas issues leading a broad rally fueled by a rebound in energy, gold and copper prices.
Energy shares, which make up more than a quarter of the index, rose 2 percent, as oil prices gained more than 3 percent, swept up in a broad commodities rally.
Suncor Energy led the way, closing up 2.67 percent at C$39.56. Canadian Natural Resources added 2.49 percent to C$40.74, while Imperial Oil gained 2.74 percent to $46.46.
'There was some bargain hunting going on, trying to find sort of longer-term opportunities that are at some pretty good prices,' said Brian Pow, vice president of research and equity analyst at Acumen Capital Partners.
'People are sort of putting their heads around how much money's gone into the sector of late,' he added. 'And just the overall sort of longer-term bullishness on Canadian oil.'
The Toronto Stock Exchange's S&P/TSX composite index closed up 166.19 points, or 1.24 percent, at 13,607.25, rebounding after three straight weeks of declines.
The materials sector, which includes influential mining stocks, also helped lift the broader market with a 1.45 percent gain. Diversified miner Teck Resources closed up 4.19 percent at C$48.70, while Potash Corp gained 2.26 percent to C$53.49.
Uranium producer Cameco, which fell more than 5 percent late last week, closed up 2.93 percent at C$26.71.
Research In Motion pushed higher for a second straight day, climbing 3.79 percent to C$44.11, and was one of the most influential gainers overall. Before their recent turn higher, RIM shares had fallen nearly 30 percent this year.
Corporate news was fairly light, so investors were focused on climbing resource prices.
Still, the composite index is vulnerable, said Michael Sprung, president at Sprung & Co. Investment Counsel.
'We've still got enough to worry about around the world, with problems continuing to build in Europe and the inflationary pressures that we're beginning to see,' he said.
'But perhaps what's happening today is people are just jumping in after the decline that we've had.'
The index in general will see continued volatility, said Pow, especially as summer holiday season starts up and volumes come off.
'Volatility will stick through the next couple of months,' he said. 'But overall, I think the trend is upwards for the long-term.'
($1=$0.97 Canadian)
(Editing by Jeffrey Hodgson) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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