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: Quote) gained 2.6 percent to C$52.84, while Goldcorp (G.TO: Quote) 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: Quote) 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...