By Jennifer Kwan
Reuters
Thursday, June 15, 2006

TORONTO (Reuters) - The Toronto Stock Exchange's main index soared more than 250 points on Thursday, helped by bargain-hunters and a rebound in commodity and oil prices.

Adrian Mastracci, investment counsel at Vancouver’s ‘fee-only’ KCM Wealth Management, says, “I’m still looking for volatility. I don't think we're out of the woods yet.”

The S&P/TSX composite index closed up 252.48 points, or 2.3 percent, at 11,213.16.

"The recent slide was really sharp, really sustained and I think that gave ... (rise to) some decent buying opportunities, and you're seeing investors jumping back into the market to take advantage of those," said Elvis Picardo, chief market strategist at Global Securities Corp. in Vancouver.

Picardo said positive economic reports in the U.S. have helped to quell fears of an economic slowdown, but warned that concerns over rising interest rates will continue.

"Volatility implies moves on the upside and the downside and I don't think that's going to change," he added.

Thursday marked the second straight day the Toronto stock index ended higher after suffering a seven-session hammering, as fears of rising interest rates amid a slowdown in global growth rippled through markets.

All of the TSX index's 10 main sectors closed higher on Thursday.

The energy group, which comprises 30 percent of the index's weighting, gained 3.9 percent, while shares of gold miners, a part of the materials group, were up 4.1 percent, as both sectors rose amid a rebound in commodity and oil prices.

Husky Energy Inc. shares closed up C$2.71, or 4.3 percent, to C$65.91. Canada's No. 4 oil producer and refiner said on Wednesday it had found a major natural gas field in the South China Sea.

EnCana Corp. closed C$2.22 higher, or 4.3 percent, at C$54.49, while Nexen Inc. was up C$2.32, or 4.3 percent, at C$56.50.

Barrick Gold Corp. gained 81 Canadian cents, or 2.7 percent, to close at C$31.14, while Goldcorp Inc. closed up C$1.66, or 5.9 percent, at C$30.06.

"I expect it (the market) to come up somewhat, then do the sideways thing. Depending on what economic data comes out on any given day, and whether it's good, bad or indifferent," said Adrian Mastracci, investment counsel and president at KCM Wealth Management Inc. in Vancouver.

"I'm still looking for volatility. I don't think we're out of the woods yet."

Market volume was 307 million shares worth C$5.5 billion. Advancers outpaced decliners 1,184 to 389. The blue chip S&P/TSX 60 index closed 12.47 points higher, or 2 percent, at 631.44.

The Dow Jones industrial average rose 198.27 points, or 1.83 percent, to 11,015.19, closing above the 11,000 level for the first time in more than a week.

The Nasdaq composite index was up 58.15 points, or 2.79 percent, at 2,144.15.

($1=$1.11 Canadian)

NOTE: The information provided above is intended for general informational purposes only. It does not constitute advice for anyone's specific situation. Everyone should always first consult directly with their advisors to determine the appropriateness of any information contained above before taking any action. KCM Wealth Management Inc. assumes no responsibility for any loss or damage arising from the use of, or reliance upon the above information.