TSX gains for 5th straight day on golds, oils

Wed Jan 6, 2010 5:29pm EST
 
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TORONTO (Reuters) - The TSX ended higher for a fifth straight session on Wednesday, backed by a three-week high in the price of gold that lifted producers such as Barrick Gold and Goldcorp.

Gold prices topped $1,140 an ounce, lifting Barrick 1.65 percent to C$43.18, while Goldcorp rose 1.47 percent to C$43.38.

Energy players were also among the big movers, helping take the TSX composite index to a 15-month high as oil prices rose for a 10th straight day to settle above $83 a barrel, outweighing an unexpected rise in U.S. crude and gasoline inventories.

Suncor jumped 1.3 percent to C$39.25, while Talisman advanced 1.8 percent to C$20.23.

On the downside, the index's weighty financials group fell for a second straight session, shedding 0.44 percent as the selloff following its rally in December continued.

All five of Canada's biggest banks were lower, with four atop the list of top decliners. Bank of Nova Scotia dropped 1.45 percent to C$47.52.

The Toronto Stock Exchange's S&P/TSX composite index closed up 56.46 points, or 0.47 percent, at 11,944.54. Seven of its 10 main groups were higher, led by a 2.3 percent rise in the materials group and an 0.82 percent rise in the oil and gas group.

"The oil (inventory) numbers, even though they were relatively bearish, the whole complex isn't that bad today on the oil and gas side," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd in Calgary.

"It's actually doing fairly well so that's helping. I think it portends what's going to come down the road here. You're going to see a lot more strength in the oil and gas as we head into 2010."   Continued...

 
<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>