CANADA STOCKS-TSX rises to 2-yr high, golds shine

Wed Oct 13, 2010 10:51am EDT
 
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* TSX rises 0.81 percent to 12,677.34

* All 10 sectors up, led by materials as gold hits record (Adds details)

TORONTO Oct 13 (Reuters) - Toronto's resource-heavy stock index hit its highest level in more than two years on Wednesday as commodity prices got a boost from signals the Federal Reserve may pump extra stimulus into the U.S. economy.

A weaker U.S. dollar and expectations of further policy easing boosted the appeal of commodities, with gold shooting to a record high, while the price of oil edged up towards $83 a barrel.

Strong U.S. corporate results from JPMorgan and Intel also lifted sentiment.

Key advancers on the TSX included Barrick Gold (ABX.TO: Quote), up 1.4 percent at C$49.67, and Goldcorp (G.TO: Quote), up 2 percent at C$45.34. Teck Resources (TCKb.TO: Quote) rose 2.1 percent to C$45.63, while Suncor Energy (SU.TO: Quote) climbed 0.77 percent to C$35.42.

At 10:25 a.m. (1425 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 101.70 points, or 0.81 percent, at 12,677.34.

All of the index's 10 main groups were higher, led by a 1.47 percent gain in materials, while the oil and gas sector added 0.58 percent.

"I think people are hoping that this afternoon's talk by (Fed Chairman Ben Bernanke) is going to indicate there may be some more quantitative easing coming. People seem to betting on that to some extent," said Michael Sprung, president of Sprung & Co Investment Counsel.   Continued...