CANADA STOCKS-TSX closes up 1.1 pct as golds shine

Thu Jan 8, 2009 5:07pm EST
 
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* Golds lifted by bullion price, boost materials sector

* Goldcorp, Kinross announce higher output plans

* Energy, financials help keep TSX in positive territory (Updates to closing prices, details)

By Ka Yan Ng

TORONTO, Jan 8 (Reuters) - Toronto's main stock index finished higher in a late-session burst on Thursday as the materials group was boosted by strength in gold issues.

Financials and energy stocks were also modestly higher, helping to keep the overall index in positive territory. Earlier, they were among the decliners that contributed to the benchmark's sharp drop after the open.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished 1.1 percent higher, up 100.26 points at 9,221.58. Five of its 10 main groups were higher. Industrials and healthcare added healthy gains, while tech and consumer issues dragged.

The materials group rose 2.7 percent with gold miners adding upward momentum as gold prices climbed on safe-haven buying.

The gold price rose almost 2 percent in a rally sparked by a weaker greenback as the U.S. deficit is expected to balloon on proposed economic stimulus packages aimed at lifting the economy from recession.   Continued...