February 4, 2009 / 4:04 PM / 10 years ago

CANADA STOCKS-TSX gains broadly, ING falls 13 pct

* Rising oil, gold prices support energy, materials groups

* ING Canada falls 13 pct as parent sells stake

* All 10 groups advance

TORONTO, Feb 4 (Reuters) - Toronto’s main stock index gained broadly in early dealings on Wednesday as higher commodity prices boosted materials and energy shares, and as the big financials group moved higher after early weakness.

The oil and gas group was up 1.24 percent and the materials group was up 3.5 percent.

Gold prices advanced above $900 an ounce, while oil rose to over $41 a barrel after OPEC hinted it would make further cuts to oil production.

Big resource issues were the top advancers, including Barrick Gold (ABX.TO), up 4.1 percent to C$45.92, and Potash Corp POT.TO, which rose 4.2 percent to C$97.19. Suncor Energy (SU.TO) climbed 5.1 percent to C$24.72.

At 10:35 a.m. (1535 GMT), the S&P/TSX composite index .GSPTSE was up 162.29 points, or 1.88 percent, at 8,790.92. All 10 of the index’s main groups were higher.

One of the key movers lower was ING Canada IIC.TO, which dropped 13.1 percent to C$29.37 a day after its Dutch parent, ING Groep NV ING.AS, said it was selling a C$1.75 billion chunk of its ownership stake in the Canadian arm.

Financials started the session in the red, but crept into positive territory by midmorning.

“There are still clouds over the financial sector until we see the general economy as a whole improve. As far as the rest of the market, we’re seeing commodities are up,” said Steve Ibel, an institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

He said stocks might see a selloff on Thursday afternoon as investors ready for jobs reports from Canada and the United States on Friday. The pair of January reports are expected to show job losses and a higher unemployment rate.

$1=$1.23 Canadian Reporting by Ka Yan Ng; Editing by Peter Galloway

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