CANADA STOCKS-TSX soars to highest close since Oct. 2008

Tue Dec 1, 2009 4:29pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX rises 260.12 points to 11,707.32
 * Easing Dubai concerns spark buying
 * All TSX sectors finish the day higher
 (Adds details, official closing numbers and comments)
 By Frank Pingue
 TORONTO, Dec 1 (Reuters) - Toronto's main stock index shot
to its highest closing level in 14 months on Tuesday in a broad
rally powered by gold and energy producers.
 Shares of Barrick Gold Corp ABX.TO, which headlined the
gain, rose 7.45 percent to C$48.20 after the company said it
had eliminated its fixed-price hedge book, allowing the miner
to take full advantage of rising gold prices. [ID:nN01487894]
 Goldcorp G.TO shares followed with a gain of 6.4 percent
to C$46.90, while shares of Kinross Gold K.TO ended up 5
percent at C$22.09.
 The rush into gold-mining shares came as the price of gold
hit a record high above $1,200 an ounce as a weak U.S. dollar
fueled buying of the metal as an alternative asset. [GOL/]
 Energy shares also played a key role in the rally as
concerns that Dubai's debt problems would set back the global
economic recovery waned, boosting oil prices. [O/R]
 Suncor Energy SU.TO rose 3.4 percent to C$39.20, while
EnCana Corp ECA.TO ended up 1.8 percent at C$57.63.
 The rise in Toronto stocks followed gains in overseas
equities as sentiment got a lift from receding concerns about
the impact of Dubai's debt woes.
 "The Dubai thing itself has proved to be what they call a
storm in a teacup, not a big deal one way or the other," said
Elvis Picardo, analyst and strategist at Global Securities in
Vancouver. "So maybe some short-covering going on."
 The S&P/TSX composite index .GSPTSE closed 260.12 points,
or 2.27 percent, higher at 11,707.32. It was the index's
highest close since October 2008.
 All 10 of the TSX's 10 sectors ended in higher territory.
 ($1=$1.05 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/]