CANADA STOCKS-TSX closes above 11,000 for second day

Wed Aug 5, 2009 5:19pm EDT
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* TSX up 28.83 points, or 0.26 percent, at 11,046.93

* Gets lift from mining stocks as base metals prices rise

* Financials up 0.6 percent (Adds details, quotes)

By Jennifer Kwan

TORONTO, Aug 5 (Reuters) - Toronto's main stock index eked out a modest gain on Wednesday to hold at 10-month highs as strength in base metal prices boosted mining issues and investors bet on strong global economic growth and demand.

The TSX's materials group, home to miners and fertilizer companies, rose 0.8 percent, lifted by Potash Corp of Saskatchewan (POT.TO: Quote), which gained 4.6 percent to C$107.50, while miner Teck Resources TCKb.TO was up 1.6 percent at C$29.55.

Shares of some gold miners fell in tandem with weaker gold prices [ID:nL5182069]. Goldcorp (G.TO: Quote) was down 0.9 percent at C$41.26, and Barrick Gold (ABX.TO: Quote) was off 0.13 percent at C$38.85.

"We've managed to stay above the 11,000 mark and that's probably giving investors some comfort," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

"There may be some skepticism about whether that level is sustainable in the short term, so when you see the index hold above a level like that it gives investors some confidence."   Continued...