CANADA STOCKS-TSX surges on oil, gold and economic optimism

Thu Aug 13, 2009 10:57am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 1.3 percent at 10,798.92

* Golds shine, lift top-gaining materials sector

* Surprise growth in France, Germany lifts sentiment

TORONTO, Aug 13 (Reuters) - Toronto's main stock index charged higher on Thursday morning, buoyed by firm oil and gold prices and a rosier outlook for the world's economic health.

The index's hefty materials and energy sectors led the way, rising on higher prices for key commodities. Gold was above $960 an ounce for the first time since Aug. 7, while oil hovered above $70 a barrel.

Gold miners, part of the materials group, were influential advancers, with Barrick Gold (ABX.TO: Quote) up 2.4 percent at C$37.33, while Goldcorp (G.TO: Quote) rose 1.98 percent to C$39.23.

Kinross Gold (K.TO: Quote), which reported a lower quarterly profit but higher production [ID:nN12319795] on Wednesday, was up 1.14 percent at C$21.34.

"Gold is higher today and we're seeing that bolster the top-gaining sector," said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

Overall the materials group was up 2.54 percent, while energy gained 1.65 percent.   Continued...