RPT-CANADA STOCKS-TSX turns higher as golds, financials gain

Thu Feb 5, 2009 11:26am EST
 
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(Repeats to add CANADA STOCKS headline tag)

* Materials group leads TSX higher, gold up

* Financials help move market into positive territory

(Recasts, updates figures)

TORONTO, Feb 5 (Reuters) - Toronto's main stock index turned positive midmorning on Thursday, helped higher by strength in mining companies as the price of gold got a boost, in part, from safe-haven buying.

The resource-laden materials group, up 2 percent, led the market higher.

At 11.09 a.m. (1609 GMT), the S&P/TSX composite index .GSPTSE was up 33.77 points, or 0.39 percent, at 8,726.86, with six of the index's main groups higher. Earlier, the index had fallen nearly 1 percent.

The big financial services sector also helped to push the index into positive territory, as it fought back from earlier weakness. By midmorning, the sector was up 0.5 percent.

The rebound in financial shares and the broader Canadian market occurred as U.S. stocks hit a session high, with traders citing speculation about changes to mark-to-market accounting rules. [ID:nN05509677] (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)