CANADA STOCKS-TSX gets early boost from oils, gold miners

Wed Jun 10, 2009 10:06am EDT
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* TSX up 81.26 points at 10,629.12.

* Hits highest level since Oct. 14

* Gold-miners and energy lead rise (Adds details and comments)

By Frank Pingue

TORONTO, June 10 (Reuters) - Toronto's main stock index was up nearly 1 percent on Wednesday morning as a rally in gold and oil prices offered support to the resource-heavy market.

The materials group, home to gold-mining shares, led all sectors with a 1.8 percent advance, while the energy sector followed closely with a 1.5 percent rise as U.S.-dollar priced commodities benefited from a slide in the greenback.

Leading energy shares higher was Suncor Energy (SU.TO: Quote), whose shares were up 2.2 percent at C$39.51, followed by Canadian Natural Resources (CNQ.TO: Quote), which rose 1.5 percent to C$64.56.

"The key thing here, though, is whether or not the upward momentum is being driven by fundamentals or just U.S. dollar weakness, and I would argue it's the latter," said Gareth Watson, Canadian equity advisor at ScotiaMcLeod.

"And I would feel much more comfortable from a fundamental perspective in terms of people buying the stocks if it was done more for fundamental reasons than just a currency basis."   Continued...