CANADA STOCKS-TSX gets lift from higher oil and gold prices

Tue Feb 16, 2010 10:25am EST
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* TSX up 66.08 points at 11,535.89

* Energy, materials boost index higher

By Claire Sibonney

TORONTO, Feb 16 (Reuters) - Toronto's main stock market index opened higher on Tuesday as heavily weighted energy producers and miners were boosted by stronger oil and gold prices.

Shares of Suncor Energy Inc SU.TO, Canada's largest oil company, were up 1.2 percent at C$31.23. leading the index's gainers. The world's biggest gold miner, Barrick Gold Corp ABX.TO, rose 1.3 percent to C$39.24.

"We've got a little strength in the commodities, strength overseas overnight, and we came in here and everything had a little bit of a pulse to it, a little bit of a bid," said Bruce Latimer, a trader at Dundee Securities.

"A lot of these commodity stocks have sold off over the last few weeks ... and you might be moving into a period of upwards consolidation."

Oil rose more than $1 to more than $75 a barrel as the euro clambered higher against the dollar, the currency in which crude is priced.

Prices for oil, an important Canadian export, drew additional support from stepped-up pressure for more sanctions against Iran because of Tehran's nuclear policy. [O/R]   Continued...