CANADA STOCKS-TSX extends 2017 rally on gold miners; nears all-time high

Thu Jan 5, 2017 5:11pm EST
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 69.83 points, or 0.45 percent, at 15,586.58

* Index is less than 100 points from record high

By Alastair Sharp

TORONTO, Jan 5 (Reuters) - Canada's main stock index extended its new year rally into a third day on Thursday, as gold miners and other materials stocks rose with higher commodity prices and telecom stocks also notched gains.

The Toronto Stock Exchange's S&P/TSX composite index ended the day up 69.83 points, or 0.45 percent, at 15,586.58, within striking distance of its all-time high of 15,685.13, which was hit in September 2014.

"I think the markets can grind higher from here," said Manash Goswami, portfolio manager at First Asset Investment Management. "I'm a little more constructive than I had been last year," he added.

The most influential movers on the index included two of the world's largest gold producers, with Barrick Gold Corp jumping 5.6 percent to C$23.02 and Goldcorp Inc up 4.1 percent to C$19.78.

Torex Gold Resources surged 21.4 percent to C$26.75 after announcing high-grade results from exploration drilling close to existing operations and Alamos Gold Inc jumped 14.4 percent to C$11.37 after saying its Kirazli project in Turkey gained government permits, allowing development to begin.   Continued...