CANADA STOCKS-TSX gains on oil price, plays catch-up

Tue Aug 3, 2010 4:36pm EDT
 
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*TSX up 69.17 points, or 0.59 percent, at 11,782.60

*Eight of index's 10 main groups higher

*RIM drops as security issue clouds new phone's launch (Updates to close, adds quotes)

By Jennifer Kwan

TORONTO, Aug 3 (Reuters) - Toronto's main stock index retreated from a six-week peak but still ended higher on Tuesday as a weak U.S. dollar helped boost energy issues and investors played catch-up with prices on other stock markets after a holiday Monday in Canada.

The index's hefty energy sector, up 1.3 percent, led the charge with Suncor Energy Inc (SU.TO: Quote) up 2.4 percent at C$34.71, and Canadian Natural Resources (CNQ.TO: Quote) rallying 2.3 percent to C$36.21. The price of oil pierced a three-month high above $82 a barrel. [O/R]

The index's materials group rose 0.9 percent as gold prices climbed, boosting such names as Barrick Gold (ABX.TO: Quote), up 0.5 percent at C$42.46, and First Quantum Minerals (FM.TO: Quote), up 4.6 percent at C$67.37.

The TSX was closed on Monday, missing out as stock prices rose in the United States and elsewhere.

"The main reason why we're doing so well really is because we're playing catch-up to what transpired in not just the States but world markets over the (Canadian) holiday," said Levente Mady, market strategist at Union Securities in Vancouver.   Continued...