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

Wed Dec 29, 2010 10:41am EST
 
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* 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: Quote) rose 1.8 percent to C$53.03, while Goldcorp (G.TO: Quote) added 1.22 percent to C$45.69. Teck Resources (TCKb.TO: Quote) rose 1.15 percent to C$59.07, while Potash Corp (POT.TO: Quote) 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.   Continued...