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: Quote), 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: Quote), 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...