CANADA STOCKS-TSX at 2-wk high on resources, upbeat sentiment

Mon Nov 9, 2009 10:44am EST
 
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* TSX rises 1.67 percent to 11,438.18

* Big three sectors, oil, materials, banks, solidly higher

* G20 weekend meeting fuels investor optimism (Adds details)

By Ka Yan Ng

TORONTO, Nov 9 (Reuters) - Toronto's main stock index rose to a two-week high on Monday morning, propelled by a reassuring pledge from the Group of 20 to keep economic stimulus measures in place until a recovery is intact.

That boosted appetite for risk and helped oil rise nearly $2 a barrel to above $79 and lifted gold prices to a record above $1,110 an ounce. [O/R] [GOL/]

Suncor Energy (SU.TO: Quote) rose 4.7 percent to C$37.07 to lead all influential gainers, while Kinross Gold (K.TO: Quote) advanced 3.6 percent to C$20.85.

Financial issues, often a proxy for the broader economy, were also big contributors to the wide-ranging rally, with three banks and one insurer among the TSX's top 10 influential gainers. Royal Bank of Canada (RY.TO: Quote) led the group with a 1.4 percent rise to C$56.04.

Officials from the world's 20 biggest developed and emerging economies said at the end of talks in St. Andrews, Scotland, that while the global economy has improved, recovery is still uneven and depends on policy support. [ID:nLQ516726]   Continued...