September 2, 2010 / 3:07 PM / 8 years ago

CANADA STOCKS-Banks and golds lead TSX to broad gain

* TSX climbs 0.46 percent to 12,059.57

* Financials rise as TD closes out banking results season

* Key U.S. nonfarm payrolls report awaited (Adds details)

TORONTO, Sept 2 (Reuters) - Toronto’s main stock index climbed on Thursday morning, making broad-based follow-through gains from the previous session with the materials and financial groups leading the way.

Heavily weighted banking issues were up 0.5 percent after the last of the bank quarterly reports was released. Toronto-Dominion Bank (TD.TO) was up 0.46 percent at C$72.45 after it reported a 29 percent rise in third-quarter profit. [ID:nN01158442]

Like the other banks that make up Canada’s “Big Six,” TD benefited in the quarter from fewer loan defaults as the economy stabilized and the credit crisis eased.

Bank of Montreal (BMO.TO) was up 1.2 percent at C$59.39, while Bank of Nova Scotia (BNS.TO) rose 0.72 percent to C$51.62.

The index’s materials group rose 0.9 percent, helped by a rally in spot gold prices. Kinross Gold (K.TO) was up 1.8 percent at C$17.91, while fellow gold miner Agnico Eagle (AEM.TO) gained 1.7 percent to C$68.92. Base metal miners were also supported by stronger prices, and Teck Resources TCKb.TO rose 2.4 percent to C$38.55.

At 10:35 a.m. (1435 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 55.79 points, or 0.46 percent, at 12,059.57, and working on its seventh straight day of gains after reaching its highest close in more than 15 weeks on Wednesday.

Nine of its 10 main groups were higher.

Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia, said 12,100-12,150 was likely an key short-term target level for the index.

Gains on Thursday were moderate as market players consolidated positions ahead of Friday’s key U.S. nonfarm payrolls report, which investors are watching closely for signs of where the U.S. economy is headed.

“We have the big nonfarm payrolls tomorrow. People are probably going to wait and see how those numbers look. Since the U.S. economy is so heavily dependent on the domestic consumer ... nothing is really going to start getting revved up until those payroll numbers improve,” Ibel said.

“And they need to improve a lot.”

$1=$1.05 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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