CANADA STOCKS-TSX bounces back on commodities, U.S. earnings

(Refiles to delete extraneous ‘the’ in penultimate paragraph)

* TSX up 142.61 points, or 1.2 percent, at 11,955.61

* Energy, metals, financials lead index higher

By Claire Sibonney

TORONTO, May 18 (BestGrowthStock) – Toronto’s main stock index
shot higher on Tuesday morning, supported by a rebound in
commodity prices and cautious optimism about the economic
recovery on positive U.S. data and robust earnings.

Oil rose more than 3 percent to above $72 a barrel,
recovering from a five-month low the previous session, sending
the TSX’s powerhouse energy sector almost 2 percent higher.
[O/R]

Suncor Energy Inc (SU.TO: ), Canada’s biggest oil producer,
rose 2.2 percent to C$31.94, while Canadian Natural Resources
(CNQ.TO: ) added 2.1 percent to C$72.89.

The mining sector surged almost 4 percent as industrial
metals bounced from a sharp selloff. Teck Resources (TCKb.TO: ),
Canada’s biggest base-metals miner, soared 5.5 percent to
C$34.92 and First Quantum Minerals (FM.TO: ) surged 4.7 percent
to C$68.04. [MET/L]

“What we’re seeing here is just kind of a normal rebound
after everything got slammed pretty badly yesterday,” said John
Kinsey, portfolio manager at Caldwell Securities.

At 10:21 a.m. (1421 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 142.61 points, or 1.2
percent, at 11,955.61.

Results from U.S. retail giants Wal-Mart Stores Inc (WMT.N: )
and Home Depot Inc (HD.N: ) topped estimates, while U.S. housing
starts hit a 1-1/2 year high, lifting the economically
sensitive financial sector up 1.3 percent.

Shares of Royal Bank of Canada (RY.TO: ), the country’s
biggest lender, jumped 2.2 percent to C$60.78, while no. 2
Toronto-Dominion Bank (TD.TO: ) gained 1.5 percent to C$73.05.

“It’s kind of all coming to together, as long as the
international scene doesn’t blow up in everybody’s face.”
Kinsey said referring to fears over sovereign debt contagion in
Europe.

For the time being, investors took heart from promises that
euro zone finance ministers hoped to clarify details of the 750
billion euro ($925 billion) plan they hatched a week ago to
calm markets and stem fears of serial Greek-style debt crises
in the region. [ID:nLDE64H01V]
(Reporting by Claire Sibonney; editing by Rob Wilson)

CANADA STOCKS-TSX bounces back on commodities, U.S. earnings