TORONTO (Reuters) - Canada's main stock index rose on Wednesday, as stronger commodity prices drove materials stocks higher and Research in Motion
The materials group rose 1.2 percent as gold prices reached their highest in a week
Centerra Gold
Also boosting interest in the sector was Potash Corp
"People are certainly feeling more confident in the resource sector," said Paul Harris, portfolio manager at Avenue Investment Management. "Canadian stocks have been beaten up this year. You're seeing some pickup of that."
Volumes on Toronto's stock market picked up as U.S. equity markets resumed trading after a two-day closure due to storm Sandy. <.n/>
A total of 332.9 million shares were traded on the Canadian bourse, nearly double the 178.3 million shares traded on Tuesday when U.S. markets were closed.
"It's a fairly positive tone here. There is nothing acting as a dramatic catalyst," said Bob Gorman, chief portfolio strategist at TD Waterhouse.
The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> ended the session up 45.86 points, or 0.37 percent, at 12,422.91.
The index rose as high as 12,462.26, its strongest level in more than a week. Eight of the ten TSX subgroups ended positive.
RIM, once the largest stock on the exchange, rose 3.7 percent to C$7.88, helping drive the TSX info tech sector up 1.4 percent.
The company said it had started carrier testing on its new line of BlackBerry 10 devices and said it was on track to launch the new smartphones in the first quarter of 2013.
Financial stocks climbed 0.3 percent, led by property and casualty insurer Intact Financial
"There's a feeling of confidence. It isn't going to go overboard. It is managed confidence that we're seeing is reflected in the market," said Fred Ketchen, director of equity trading at ScotiaMcLeod.
The energy sector was one of the few areas of weakness, down 0.2 percent, as Encana Corp
Cenovus Energy Inc
Brent crude rose to about $109 a barrel, though the gains were limited by concerns over demand impact on the United States.
(Additional reporting by Cameron French; editing by Andrew Hay)
Source: http://news.yahoo.com/tsx-may-open-higher-earnings-wall-street-eyed-125556927--sector.html
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