CANADA STOCKS-TSX rallies on commodities, U.S. earnings

* TSX up 124.72 points at 11,637.30

* Financials, resources lead index higher

* All 10 sectors gain
(Updates with details, comments)

By Claire Sibonney

TORONTO, July 22 (BestGrowthStock) – Canada’s main stock index shot
higher on Thursday, as investors got a boost from firm
commodity prices and strong U.S. earnings, following a steep
selloff the day before on worries over the recovery.

North American markets jumped at the open as impressive
results from Caterpillar (CAT.N: ), UPS (UPS.N: ) and 3M (MMM.N: )
eased growth concerns and eclipsed worries over a rise in U.S.
jobless claims, while oil and copper prices advanced. [.N]
[O/R] [MET/L]

The TSX was firing on all three of its most powerful
cylinders: financials, up 0.7 percent, energy, up 1.1 percent,
and the materials group, up almost 2 percent.

Royal Bank of Canada (RY.TO: ) advanced almost 1 percent to
C$52.00, Suncor Energy (SU.TO: ) gained 1.7 percent to C$33.10
and Teck Resources (TCKb.TO: ) rallied 3.7 percent to C$36.44.

“I think it’s just a general rebound from yesterday,” said
John Kinsey, a portfolio manager at Caldwell Securities.

“I think that people look at some of the earnings,
especially today … the earnings yesterday had been good too,
until Bernanke’s speech.”

On Wednesday, Federal Reserve Chairman Ben Bernanke painted
a gloomy outlook for the U.S. recovery, describing the
prospects for the world’s biggest economy as “unusually
uncertain”, prompting a broad flight from riskier assets and
knocking the TSX down 1 percent [ID:nN21182792].

At 10:26 a.m. (1426 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 124.72 points, or 1.08
percent, at 11,637.30. All 10 sectors were higher.

In individual company news, Loblaw Cos (L.TO: ) added 0.9
percent to C$41.81, despite reporting that quarterly earnings
at Canada’s biggest grocery store chain dropped 8.6 percent, as
infrastructure and technology investments held back profit.

Precision Drilling Corp (PD.TO: ), the country’s biggest oil
and gas well drilling company, plunged 5.1 percent to C$7.40
after reporting a quarterly loss on charges and foreign
exchange hits. [ID:nSGE66L0LV]

Shares of Alimentation Couche-Tard (ATDb.TO: ) fell 0.4
percent to C$21.23 after the company raised its takeover bid
for rival Casey’s General Stores (CASY.O: ) to $1.88 billion, in
a renewed attempt to clinch a deal with the U.S. convenience
store chain. [ID:nN22217702]

Stock Today

($1=$1.04 Canadian)
(Reporting by Claire Sibonney; editing by Rob Wilson)

CANADA STOCKS-TSX rallies on commodities, U.S. earnings