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: Quote) 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: Quote) rose 1.1 percent to C$42.45, but Agnico Eagle (AEM.TO: Quote) 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...