CANADA STOCKS-Resources push TSX to highest since Nov. 10

Mon May 4, 2009 11:13am EDT
 
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* TSX hits 9,721.38, highest since Nov 10

* Materials, oil groups lead advance (Adds details)

By Ka Yan Ng

TORONTO, May 4 (Reuters) - Toronto's main stock index jumped more than 2 percent on Monday to hit its highest level in nearly six months on strength in resources and financials, the biggest components of the index.

Resource-based issues advanced as the price of oil neared $54 a barrel and gold rallied above $900 an ounce. The materials group gained 3.9 percent, while the oil and gas group rose 2.1 percent. [ID:nnSP475488] [ID:nSP468176]

Key gainers among both sectors included top advancer fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote), which rose 5.6 percent to C$112.80. Energy giant EnCana (ECA.TO: Quote) rose 2.7 percent to C$58.54.

Gold companies Barrick Gold (ABX.TO: Quote) rose 2.7 percent to C$35.31, while Goldcorp (G.TO: Quote) climbed 3.5 percent to C$33.74.

"We're seeing lighter trading so far today, though Toronto is being pushed higher due to materials and gold. Financials are doing pretty good too," said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

At 10:40 a.m. (1440 GMT), the S&P/TSX composite index .GSPTSE was up 191.04 points, or 2.01 percent, to 9,688.00. Earlier it hit 9,721.38, its highest level since Nov. 10.   Continued...