CANADA STOCKS-TSX extends rally, gold miners lead way

Tue Feb 8, 2011 4:46pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX up 80.59 points, or 0.58 pct, at 13,892.52
 * Six of 10 main groups end higher
 * Materials up 1.85 percent
 (Adds details, comments)
 By Solarina Ho
 TORONTO, Feb 8 (Reuters) - Toronto's main stock index
finished firmly higher on Tuesday as strong bullion prices
pushed up gold miners.
 Goldcorp (G.TO: Quote) jumped 4.8 percent to C$42.76 while Barrick
Gold (ABX.TO: Quote) rose 2.47 percent to C$48.45. Kinross Gold (K.TO: Quote)
advanced 2.7 percent to C$17.10 and Agnico Eagle (AEM.TO: Quote)
climbed 3.13 percent to C$73.47.
 The overall materials sector, where gold miners reside, was
up 1.85 percent.
 Gold prices rose 1 percent to their highest level in almost
three weeks on inflation fears and a technical breakout after
breaching a key resistance level. [GOL/] [ID:nLDE7170VV]
  China moved to cool inflation with an interest rate hike
on Tuesday, which benefited gold's position as an inflation
hedge. [ID:nTOE706030]
 "The commodities, especially silver, gold, the precious
metals sector was powering ahead," said Levente Mady, a market
strategist at Union Securities.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 80.59 points, or 0.58 percent, at
13,892.52. Six of its 10 main groups finished higher.
 "It's been a steady day ... a little bit of consolidation,
profit-taking on the opening. But the market held and today had
a quiet, positive tone to it," said Bruce Latimer, a trader
with Dundee Securities.
 The heavily weighted financials group, which makes up
nearly 30 percent of the index, was also firmer, climbing 0.47
percent. Bank of Nova Scotia (BNS.TO: Quote) was up 0.97 percent at
C$59.17.
 ($1=$0.99 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)