December 1, 2009 / 3:19 PM / in 8 years

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

 * 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)) ============================================================== 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/] 

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