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TORONTO (Reuters) –
Toronto's main stock index rose on Tuesday as commodity prices ticked higher and shares of Potash Corp of Saskatchewan rallied after billionaire investor George Soros's hedge fund raised its stake in the company.
Potash Corp topped the list of influential movers, rising 7 percent to C$116.50. The rise helped to boost the broader materials sector 2.1 percent, with Agrium Inc also higher by 3.8 percent at C$58.55.
The news "would certainly be a bullish indication of how Mr. Soros feels," said Bruce Latimer, a trader at Dundee Securities.
"He's obviously a sophisticated investor. If he's willing to take a position or a gamble on a significant position on a stock it might encourage other people to look that way and perhaps follow suit," Latimer said.
Firm prices for oil and base metals also helped support the index's influential resource groups, boosting individual names such as Suncor Energy and Barrick Gold, which rose 2.2 percent and 2.9 percent respectively.
The S&P/TSX composite index finished the day up 117.74 points, or 1.02 percent, at 11,630.00, closing higher for a third straight session. Earlier, it touched its highest level since late September.
Nine of its 10 main groups were higher except for the telecoms sector, which closed down 0.1 percent.
Strength in commodity-linked shares came as the price of oil settled above $79 a barrel, while bullion and base metals prices were firm.
($1=$1.05 Canadian)
(Reporting by Jennifer Kwan; editing by Rob Wilson)
