CANADA STOCKS-TSX gets early boost from gold, energy shares

Tue Sep 22, 2009 10:17am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX up 92.57 points at 11,517.33
 * Gold-mining and energy shares rally
 * Market shrugs off disappointing Canadian retail sales
 (Adds details and comments)
 TORONTO, Sept 22 (Reuters) - Toronto's main stock index was
up nearly 1 percent at midmorning on Tuesday as higher
commodity prices helped to trigger gains across much of the
resource-heavy index.
 The index's materials sector, up 1.87 percent, did the bulk
of the heavy lifting in the early going, boosted by gold
miners, which tracked gold prices as they rose to within
striking distance of a record high. [GOL/]
 Shares of miner Barrick Gold Corp (ABX.TO: Quote), the biggest
contributor to index's gain, were up 2.3 percent at C$40.20,
followed by Goldcorp (G.TO: Quote), which rose 2.2 percent to
 Energy shares, up 1.2 percent, also helped drive the TSX
higher as oil prices rose back above $70 a barrel due to a
weaker U.S. dollar. [O/R]
 Shares of Suncor Energy (SU.TO: Quote) rallied 1.8 percent to
C$39.34, while Canadian Natural Resources CNQ.TO was up 1.8
percent at C$75.28.
 "We had some U.S. dollar weakness this morning pushing oil
and gold prices higher so it's just a natural recipe to get
people buying the gold stocks and energy names," said Gareth
Watson, Canadian equity advisor at ScotiaMcLeod.
 "Overall the sentiment was pretty positive and I think
you've seen that translate obviously into gains for the TSX."
 At 10:00 a.m. (1400 GMT), the S&P/TSX composite index
.GSPTSE was up 92.57 points, or 0.81 percent, at 11,517.33.
 The TSX shrugged off data that showed Canadian retail sales
unexpectedly fell 0.6 percent in July from June after two
months of robust gains. [ID:nN22339158]
 ($1=$1.07 Canadian)
 (Reporting by Frank Pingue; editing by Peter Galloway)