November 23, 2009 / 3:29 PM / in 8 years

CANADA STOCKS-TSX hits highest level since Oct 2008 on oil, gold

 * TSX up 152.00 points at 11,731.33
 * Gold and energy shares power rally  (Adds details and comments)
 By Frank Pingue
 TORONTO, Nov 23 (Reuters) - Toronto’s main stock index rose to its highest level in nearly 14 months on Monday as firm oil prices powered Suncor Energy (SU.TO) and its peers, while lofty gold prices also helped generate interest in miners.
 Shares of Suncor Energy (SU.TO), the biggest contributor to the index’s gain, rose 2.4 percent to C$39.00, while Canadian Natural Resources (CNQ.TO) was up 2.6 percent at C$72.45.
 The rally in energy stocks came as oil prices rose more than 2.6 percent above $79.50 a barrel given signs of buoyant demand from China. [O/R].
 Barrick Gold Corp (ABX.TO) shares rallied 2.7 percent to C$48.29, followed by Goldcorp (G.TO), which was up 2.7 percent at C$47.96.
 The rally in gold-mining shares came as the price of gold hit a record high above $1,167 an ounce. [GOL/]
 “It’s definitely commodity prices. Simply put, continued discussion ongoing, as it has been for months now, about U.S. dollar weakness,” said Gareth Watson, Canadian Equity Advisor, Portfolio Advisory Group, ScotiaMcLeod.
 “People aren’t wanting to get off that bandwagon so as long as that continues to be weak you are going to see strength in commodity prices which is naturally going to lift the TSX.”
 At 10:05 a.m. (1505 GMT), the S&P/TSX composite index .GSPTSE was up 152.00 points, or 1.31 percent, at 11,731.33. Earlier it rose to 11,733.56, its highest level since Oct. 1, 2008.  (Editing by Jeffrey Hodgson)  ((frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V 52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V Canadian dollar quote......CAD=CAD=D3=CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:   FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]   Nikkei 225..............N225  Tokyo report............[.T]   FTSE 100................FTSE  London report...........[.L]   Xetra DAX..............GDAXI  Frankfurt market stories[.F]   CAC-40...FCHI  Paris market stories...[.PA]   World Indices.......<0#.INDEX>   Foreign exchange........[FRX/]   Oil.......[O/R]   US Treasuries............[US/]   International bonds.....[EUB/]   Gold.........[GOL/X] or [GOL/]   CRB index of commodity futures.........[CRB/] 

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