CANADA STOCKS-TSX boosted by rally in gold and oil shares

Tue Dec 1, 2009 10:17am EST
 
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 * TSX up 152.17 points at 11,599.37
 * Easing Dubai concerns spark buying
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Dec 1 (Reuters) - Toronto's main stock index was
up more than 1 percent on Tuesday morning as gold miners drew
support from record high gold prices. while a further advance
in the price of oil supported Suncor Energy SU.TO and other
oil companies.
 Shares of Barrick Gold Corp ABX.TO, the biggest driver
behind the early gain , were up 4.6 percent at C$46.90, while
Goldcorp G.TO shares rose 3 percent to C$45.39.
 The rush into gold-mining shares came as the price of gold
hit a record high near $1,200 an ounce as a weak U.S. dollar
fueled buying of the metal as an alternative asset. [GOL/]
 Energy shares also headlined the rally as an easing of
concerns that Dubai's debt problems would set back the global
economic recovery boosted oil prices. [O/R]
 Shares of Suncor rose 2 percent to C$38.67, while EnCana
Corp ECA.TO shares were up 1.6 percent at C$57.49.
 The rise in the TSX joined the rally in global stocks after
an announcement late on Monday by Dubai World, center of the
debt storm, that its planned restructuring of some units
involved a lower than expected $26 billion in debt, easing some
concerns about the size of Dubai's financial problems.
 "The primary driver is the rotation back into riskier
assets on the growing sense that the Dubai debt crisis is
containable," said Fergal Smith, managing market strategist at
Action Economics. "So that's helped spark rotation back into
equity markets."
 At 9:55 a.m. (1455 GMT), the S&P/TSX composite index
.GSPTSE was up 152.17 points, or 1.33 percent, at 11,599.37.
 ($1=$1.04 Canadian)
 (Editing by Peter Galloway)
 ((frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters
Messaging: frank.pingue.reuters.com@reuters.net))
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FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS:
TSX market report..........[.TO]
Canadian dollar and bonds report....[CAD/][CA/]
Top News: Canada ......[TOP/CAN]
Today in Canada.......[CA/DIARY]
Canadian company news .. [E-CAN]
Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA]
FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS:
Canadian Equities speed guide.......<CA/EQUITY>
S&P/TSX Composite index ...............GSPTSE
S&P/TSE Venture composite index .......SPCDNX
TSX most active..........AV.TO
Venture Exchange most active.............AV.V
Top TSX pct gainers......PG.TO
Top TSX pct losers.......PL.TO
S&P/TSX 60 index ........TSE60
52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V
52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V
Canadian dollar quote......CAD=CAD=D3=CAD
FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:
  FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]
  Nikkei 225..............N225  Tokyo report............[.T]
  FTSE 100................FTSE  London report...........[.L]
  Xetra DAX..............GDAXI  Frankfurt market stories[.F]
  CAC-40...FCHI  Paris market stories...[.PA]
  World Indices.......<0#.INDEX>
  Foreign exchange........[FRX/]
  Oil.......[O/R]
  US Treasuries............[US/]
  International bonds.....[EUB/]
  Gold.........[GOL/X] or [GOL/]
  CRB index of commodity futures.........[CRB/]