CANADA STOCKS-TSX hits 15-month high, boosted by gold miners

Wed Jan 6, 2010 11:08am EST
 
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* Key index hits 11,945.14, highest level since Sept 2008.

* Ivanhoe jumps 3.6 pct after it says to look at options

By Claire Sibonney

TORONTO, Jan 6 (Reuters) - Toronto's main stock index climbed on Wednesday, boosted by strength in its weighty materials sector as a stronger bullion price lifted shares of gold miners.

Miners Goldcorp Inc (G.TO: Quote), up 2.25 percent at C$43.70, and Barrick Gold Corp (ABX.TO: Quote), up 1.95 percent at C$43.32, played the biggest role in leading the index higher.

Gold prices rose to near three-week highs as fresh new year investment flows boosted commodities. [GOL/]

At 10:15 a.m. (1515 GMT) the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 57.06 points, or 0.48 percent at 11,945.14. The index at one point hit 11,948.97, its highest level since September 2008.

"We continue to see a broad-based rally in base metals and precious metals that has a two-fold emphasis," said Peter Chandler, senior vice president at Canaccord Wealth Management.

"One, growth coming from the Pacific Rim, China and India, and demand for base metals. And in the case of precious metals, a response to merger and acquisition activity and the benefit that it typically gets from a weak U.S. dollar."   Continued...