CANADA STOCKS-TSX hits near 7-week high on commodity price jump

Fri Jul 22, 2011 5:13pm EDT
 
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   * TSX up 60.33 points, or 0.45 percent at 13,494.63
 * Seven of 10 main sectors higher
 * Mining, energy drive gains as resource prices rally
 (Adds analyst comment, details)
 By Trish Nixon
 TORONTO, July 22 (Reuters) - Toronto's main stock index
closed at its highest level in nearly seven weeks on Friday, as
mining and energy company shares rallied on stronger commodity
prices.
 The materials sector, home to influential gold and base
metal miners, led the index with a 1.42 percent rise. Energy
stocks rose 0.38 percent. Together the sectors make up roughly
50 percent of the composite index.
 The market was led higher by Goldcorp G.TO, up 2.57
percent to $51.47, Potash Corp  POT.TO, up 2.04 percent to
$58.50, and Barrick Gold (ABX.TO: Quote), up 1.6 percent to $47.62.
 The price of gold stood about 1 percent higher, nearing the
record high, as reservations over a bailout plan for debt-laden
Greece and concerns over talks to raise the U.S. debt ceiling
spurred safe-haven buying of precious metals. [GOL/]
 "Commodities have themselves managed to buoy the Canadian
stock market," said Michael Sprung, president of Sprung & Co
Investment Counsel.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 60.33 points, or 0.45 percent, at
13,494.63. Seven of its 10 main groups were higher.
 It reached an intra-day high of 13,516.17, its strongest
level since June 6.
 ($1=$0.95 Canadian)
 (Editing by Jeffrey Hodgson)