CANADA STOCKS-TSX edges higher as commodity prices rise

Wed Dec 23, 2009 11:04am EST
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* TSX edges up 0.17 percent to 11,648.14

* FNX Mining up on production announcement

* Thin trading expected for rest of year (Adds details, comments)

By Irene Kuan

TORONTO, Dec 23 (Reuters) - Toronto's main stock index was higher on Wednesday morning as commodity prices edged up helping lift shares of Barrick Gold (ABX.TO: Quote) and other mining and energy companies on the resource-heavy index.

Powerhouse gold producer Barrick climbed 2.5 percent to C$42.24, while smaller rival Goldcorp was up 3.2 percent at C$42.03. Eldorado Gold (ELD.TO: Quote) rose 2.5 percent to C$14.75.

"We're coming up to the end of the year, and the U.S. dollar has had nine successive days of ups, so thats depressed the gold price. But it appears today the downward pressures (on gold) are alleviating so we've got a bounce," said John Ing, president of Maison Placements Canada.

Gold prices rose on Wednesday as the euro firmed a touch against a softer U.S. dollar, while U.S. crude oil prices rose above $76 after inventory data showed crude stocks fell much more than expected last week. [GOL/][O/R]

Suncor Energy (SU.TO: Quote) was up 0.7 percent at C$36.75, while EnCana Corp (ECA.TO: Quote) rose 1 percent to C$33.62.   Continued...