CANADA STOCKS-TSX extends rally, gold miners lead way
* 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)
© Thomson Reuters 2017 All rights reserved.