CANADA STOCKS-TSX gains fueled by banks, oil; golds weigh

Fri Jan 14, 2011 4:52pm EST
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* TSX ends up 0.47 pct at 13,464.06; 1.44 pct weekly gain

* Strength in financials offset 2nd-day drag from golds

* Eight sectors advance

* Resistance level seen at 13,500 (Updates to close)

By Ka Yan Ng

TORONTO, Jan 14 (Reuters) - Toronto's main stock index rallied to a session high at the close, powered by strength in financials, after optimism was boosted by unexpectedly strong earnings from JPMorgan. (JPM.N: Quote)

The heavily-weighted banking sector, up 1.76 percent, fully offset weakness among the materials group, which was dragged lower by the gold-miners for a second-straight session.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE gained 62.58 points, or 0.47 percent, to end at 13,464.06 and end the week up 1.44 percent. Eight of the index's 10 main groups were higher.

Elvis Picardo, analyst and strategist at Global Securities in Vancouver, said the index was bumping up against resistance at 13,500. The index crossed briefly crossed this level twice this month, reaching its highest point in more than two years.   Continued...