October 7, 2009 / 2:39 PM / in 8 years

CANADA STOCKS-TSX clings to modest gain as gold shares rally

 * TSX up 41.19 points at 11,289.16
 * Gold-miners up on record gold price
 * Energy shares offset much of the gain  (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 7 (Reuters) - Toronto’s main stock index was higher on Wednesday as gold-miners like Barrick Gold Corp (ABX.TO) rose on record bullion prices, but the move was limited as investors avoided huge commitments after big gains earlier this week.
 Barrick shares, one of the key drivers behind the early gain, were up 0.75 percent at C$41.56, while Kinross Gold (K.TO) rose 0.8 percent to C$23.56.
 The rally in gold-mining shares came as the price of gold hit a record high as mounting worries about inflation enticed more investors toward the precious metal. [GOL/]
 But after a pair of triple-digit gains to start the week, the TSX was unable to sustain the torrid pace as traders opted to unload energy shares even as oil prices rose for the third straight day. [O/R]
 Shares of EnCana Corp (ECA.TO) were down 0.2 percent at C$61.27 while Talisman Energy TLM.TO was 0.57 percent lower at C$19.19.
 The two companies led a 0.5 percent drop in the energy group and helped erase a 50-point advance in the TSX early in the session. The TSX eventually fell as much as 53 points before moving back into higher territory.
 At 10:25 a.m. (1425 GMT), the S&P/TSX composite index .GSPTSE was up 41.19 points, or 0.37 percent, at 11,289.16.
 “We had two good days in the market and I think the market is just resting here right now,” said Bruce Latimer, trader at Dundee Securities. “There is certainly not a lot of conviction on the sell side and the buyers are quite content to be patient at these levels.”
 ($1=$1.06 Canadian)  (Editing by Jeffrey Hodgson)                                      

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