CANADA STOCKS-Record gold feeds TSX rally, but financials weigh

Tue Nov 9, 2010 10:46am EST
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* Market rises to two-year high

* TSX up 0.27 percent at 13,088.33

* Golds, energy main gainers, offset bank weakness (Adds details)

TORONTO, Nov 9 (Reuters) - Toronto's main stock index climbed to a two-year high on Tuesday morning as commodity prices extended their recent rally, led by gold's record-setting pace.

Gold soared to a record high for a fourth day running, hitting $1,422.30 an ounce and fueling gains by gold miners. Other key commodities, including copper and oil, were also at multimonth highs. [O/R] [MET/L] [GOL/]

Barrick Gold ABX.TO gained 2.6 percent to C$52.84, while Goldcorp G.TO rose 1.8 percent to C$48.74, helping the gold subgroup rise 1.9 percent.

The materials group led all of the TSX's main sectors, climbing 1.5 percent. Other miners were also strong performers, with Cameco CCO.TO jumping 5.59 percent to C$37.99 on the back of a target price upgrade. [ID:nWNAB1263] [RCH/CA]

The gains, combined with a 0.6 percent advance by the energy group, lifted Toronto's main stock index to its highest level since September 2008.

At 10:12 a.m., the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 35.85 points, or 0.27 percent, at 13,088.33. Five of its 10 main groups were higher.   Continued...