CANADA STOCKS-TSX makes broad gains as oils, golds surge

Wed Nov 4, 2009 11:05am EST
 
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* TSX gains 1.32 percent to 11,171.15

* Gold climbs to record, oil prices rise

* Financials rise ahead of Fed, earnings season (Adds details)

TORONTO, Nov 4 (Reuters) - Toronto's main stock index climbed broadly on Wednesday morning as strength in commodity prices boosted oil companies Canadian Natural Resources CNQ.TO and Suncor Energy SU.TO and other resource shares.

Suncor was among the top gainers, rising 1.6 percent to C$35.51, while Canadian Natural was up 1.9 percent at C$70.34 as the price of oil approached $81 a barrel.

Gold shares added to big gains made on Tuesday as the price of the precious metal hit a record above $1,095 an ounce. Barrick Gold ABX.TO rose 1.1 percent to C$42.45, but Agnico Eagle AEM.TO fell 2.1 percent to C$61.49 after disappointing results and outlook last week prompted a series of price and ratings cuts.

"One thing that we have to watch is the continuation of gold. If gold breaks $1,100...that would probably be bullish for the commodity and for the TSX," said Paul Gardner, partner & portfolio manager at Avenue Investment Management.

At 10:45 a.m. (1545 GMT), the S&P/TSX composite index .GSPTSE was up 145.25 points, or 1.32 percent, at 11,171.15.

Financial shares also added support to the index ahead of a key interest rate decision by the U.S. Federal Reserve.   Continued...