CANADA STOCKS-TSX moves higher on golds, oils

Fri Jan 23, 2009 11:25am EST
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* TSX up on commodities, financial issues weigh

* Gold strength helps boost materials 3.3 percent

* HudBay stock jumps on OSC ruling (Adds details, quote)

By Jennifer Kwan

TORONTO, Jan 23 (Reuters) - Toronto's main stock index was slightly higher on Friday morning as strength in commodity issues offset weakness in financial and consumer discretionary shares.

The tug-of-war kept the market largely directionless for a chunk of the morning after a weak opening that saw the index drop nearly 100 points. But gold helped to reverse course.

Gold rose to above $875 an ounce to help the TSX's resource-laden material's group rise 3.3 percent with Barrick Gold (ABX.TO: Quote) up 6.1 percent to C$47.42.

Energy issues also staged a comeback even as the price of oil, which fell below $42 a barrel on fresh signs of the depth of the recession, helped to push down the key sector in early activity. By midmorning, the energy group was up 0.7 percent with Suncor Energy (SU.TO: Quote) up 1.9 percent at C$23.35.

"Even with oil down today there are people thinking that oil is trying to make a bottom here," said Bruce Latimer, trader at Dundee Securities.   Continued...