CANADA STOCKS-TSX rises on strong golds

Tue Jan 26, 2010 12:51pm EST
 
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* TSX up 0.42 percent at 11,401.89

* Financials turn higher, join golds in rise

* Energy shares cut losses (Updates with stock activity)

By Ka Yan Ng

TORONTO, Jan 26 (Reuters) - Toronto's main stock index turned higher on Tuesday on strength in gold producers, while energy shares cut losses and financials advanced.

The index's turnaround from a lower open came after after U.S. data showed consumer confidence rose for a third consecutive month in January. [ID:nN26357538]. In early trade the index had fallen to its lowest level since Dec. 9.

The index's energy sector pared losses and the financials sector moved into positive territory after both groups had fallen hard on news that China implemented another clampdown on lending. [ID:nSGE60P039]

Gold producers led the advance despite a weaker price for the precious metal. Three gold miners were among the top 10 heavyweight advancers. Barrick Gold (ABX.TO: Quote) led the charge, up 1.7 percent at C$38.71.

Other constituents of the index's materials group also rose. Fertilizers stocks Potash Corp (POT.TO: Quote) and Agrium (AGU.TO: Quote) were both up more than 2.5 percent.   Continued...