UPDATE 1-Record oil price boosts Toronto stocks

Tue Apr 15, 2008 10:31am EDT
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TORONTO, April 15 (Reuters) - Toronto's main stock market pushed closer to the key 14,000-point mark on Tuesday with another 100-point gain, as record oil prices and firm metal prices boosted the resource-heavy index.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 103.52 points, or 0.8 percent, at 13,842.12 after touching a high of 13,878 earlier in the day.

Seven of the TSX index's 10 main groups were higher, led by a 1.9 percent hike in the energy group and a 1.1 percent climb in the commodities-laden materials group.

"The Canadian index is gaining momentum because of the energy sector and gold," said Joe Ismail, a technical analyst at Maison Placements Canada.

U.S. crude oil rose to a lifetime high above $113 a barrel as investors sought to hedge against the troubled U.S. dollar.

Meanwhile, gold climbed more than 1 percent to $930 an ounce on the back of the record oil price and a weaker U.S. dollar.

Most of the country's biggest oil producers were higher, including Suncor Energy (SU.TO: Quote), which climbed C$3.18 to C$112.93, EnCana Corp (ECA.TO: Quote), which rose C$1.51 to C$83.53 and Canadian Natural Resources (CNQ.TO: Quote), which gained C$1.34 to C$83.66. All three market heavyweights were at 52-week highs.

Metal shares also benefited from the rising energy prices and falling dollar. Potash Corp POT.TO climbed C$2.19 to C$187.54 and Inmet Mining IMN.TO added C$1.84 to C$91.71. UBS raised the miner's share price target to C$103 from C$89.   Continued...