December 29, 2010 / 3:45 PM / 7 years ago

CANADA STOCKS-TSX heads higher on golds in 'super light' trade

* TSX rises 0.26 percent to 13,418.42

* Gold, base metals main impetus for rally

* Baffinland rises as Nunavut Iron raises bid (Adds details)

TORONTO, Dec 29 (Reuters) - Toronto’s main stock index rose on Wednesday, as mining issues rallied on buoyant gold and copper prices.

The materials group was the leading sector, rising 1.7 percent, as copper climbed to near record highs in Europe, and zinc, lead, and aluminum were also on the rise. Gold extended this week’s gains to its highest level since Dec. 7.

Barrick Gold (ABX.TO) rose 1.8 percent to C$53.03, while Goldcorp (G.TO) added 1.22 percent to C$45.69. Teck Resources TCKb.TO rose 1.15 percent to C$59.07, while Potash Corp (POT.TO) gained 2.1 percent to C$149.05.

“Gold is giving a good bid to the materials sector,” said Francis Campeau, broker at MF Global Canada in Montreal, noting that overall volumes were “super light”.

Canadian markets were closed Monday and Tuesday for the Christmas holidays, and Campeau said some of the gains were playing catch-up to rallying U.S. markets earlier in the week.

At 10:25 a.m. (1525 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 35.26 points, or 0.26 percent, at 13,418.42. Four of the index’s 10 main groups were higher, with gains from utilities, industrials, and consumer staples, as well as materials.

Key decliners were in the energy group, down 0.24 percent.

In individual company news, Baffinland Iron Mines BIM.TO was up 1.5 percent at C$1.36 after Nunavut Iron Ore said it was raising its takeover bid for the junior miner.

Nunavut’s bid was raised to C$1.40 a share for 60 percent of the Baffinland’s shares, challenging ArcelorMittal’s ISPA.AS friendly offer of C$1.25 a share for all of the shares. [ID:nN29274403]

$1=$1 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

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