TSX climbs higher
TORONTO (Reuters) - The Toronto Stock Exchange's main index pushed higher for a third session in a row yesterday, powered by strong gains in resources amid a rebound in commodity prices.
A rally in the price of gold helped make miners among the biggest lifts on the index, with Agnico-Eagle Mines gaining C$3.95, or 5.9 percent, to C$71.39 and Goldcorp up C$2.68, or 7.1 percent, at C$40.70. The sub-index of gold producers jumped 4.8 percent.
Also in the resource space, Potash Corp of Saskatchewan added C$5.33, or 3.5 percent, to C$159.34, while the materials group as a whole rose 4.4 percent.
The large energy group also buoyed the benchmark, while oil edged up after a choppy session. The sector was up 2.8 percent, with Suncor Energy gaining C$3.87, or 4.1 percent, to C$98.89 and EnCana Corp rising C$1.91, or 2.6 percent, to C$75.25.
The benchmark, which is heavily weighted to the resource side, was stung last week by a steep sell-off in commodities in the wake of further fall-out from the credit squeeze.
The S&P/TSX composite index closed up 302.5 points, or 2.32 percent, at 13,322.22 with all but one of its 10 main sectors in positive territory. The day's gains added on to Monday's more than 240-point rally and made for a rise of almost five percent over three sessions.
The tech sector lent its support to the index, rising 2.4 percent, while Research In Motion added C$4.21, or 3.7 percent, to C$118.31.
Nortel Networks was up 33 Canadian cents, or five percent, at C$7 after it said it had won a five-year contract with US Cellular to boost the wireless carrier's network using Nortel's CDMA technology.
On the economic front, strong Canadian retail numbers added confidence to the benchmark after data showed retail sales were up 1.5 percent in January, making for a third month in a row of big gains.
The consumer staples sector rose 2.7 percent.
The health care sector was the lone group on the downside, off two percent. Biovail Corp was down 62 Canadian cents, or 5.3 percent, at C$11.04 the day after the US Securities and Exchange Commission said the pharmaceutical company will pay $10 million to settle a probe into fraudulent accounting. Four current and former officers still face charges from the regulator.