CANADA STOCKS-TSX pushes higher with commodity prices

Tue Nov 4, 2008 5:16pm EST
 
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* TSX closes above 10,000 for first time in two weeks

* Energy issues soar as oil rises above $70

* Talisman Energy rises as profit quadruples (Adds analyst quote, details)

By Jennifer Kwan

TORONTO, Nov 4 (Reuters) - The Toronto Stock Exchange's main index climbed 4 percent on Tuesday to its highest close in two weeks as resource issues surged with rising commodity prices, and on relief that the uncertainty of the U.S. presidential election would be over later in the day.

Heavily weighted stocks that helped to push the market higher included Canadian Natural Resources (CNQ.TO: Quote), up 9 percent at C$62.70, and Barrick Gold (ABX.TO: Quote), which got an 10.1 percent boost to close at C$28.97.

Those rises were in line with the broader strength in the key energy and materials sectors, which led the market higher, posting rises of 5.9 percent and 10.2 percent, respectively.

The price of crude settled up $6.62 at $70.53 a barrel on signs Saudi Arabia and other OPEC members had made cuts in crude exports. [ID:nSP182808], while gold and base metal prices rose on a weaker U.S. dollar. [ID:nL4183661]

The rally was due to a "little bit of everything" as investors shopped for beaten-down stocks, said John Kinsey, portfolio manager at Caldwell Securities Ltd.   Continued...