CANADA STOCKS-TSX rises as rising commodity prices lift resource stocks

(Price Update)

* The TSX ends up 80.54 points, or 0.4%, at 20,181.92

* The materials group gained 3.1%; gold rises 1.4%

* Energy gains 0.6%; oil settles 2.4% higher

* Technology climbs 2.7%

By Fergal Smith

TORONTO, May 19 (Reuters) – Canada’s main stock index rose on Thursday, recouping some of the previous day’s sharp decline as shares of energy and gold mining companies benefited from higher commodity prices.

The Toronto Stock Exchange’s S&P/TSX Composite Index finished up 80.54 points, or 0.4%, at 20,181.92. On Wednesday, the index fell 1.9% as investors worried about the impact of soaring inflation on corporate earnings.

Thursday’s advance was led by a 3.1% gain for the materials group, which includes precious and base metal mining companies and fertilizer companies.

Gold rose 1.4% to around $1,841 an ounce as the falling US dollar and Treasury yields boosted bullion’s appeal as a safe haven.

Energy rose 0.6% as oil prices rebounded from two days of losses, ending up 2.4% at $112.21 a barrel.

“Recession fears are growing but that impact won’t be felt for quite some time, which means the oil market won’t see an imminent destruction in crude demand,” said Edward Moya, senior market analyst at OANDA. At New York.

Technology ended up 2.7%, helped by a 10.1% gain for Lightspeed Commerce Inc after the company reported quarterly results.

Other precursors included Canada Goose Holdings Inc. It climbed 9% after the company forecast annual earnings and revenue above Wall Street expectations. (Reporting by Fergal Smith; additional reporting by Amal S in Bengaluru; editing by Jonathan Oatis)

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