February 8, 2011 / 9:49 PM / 8 years ago

CANADA STOCKS-TSX extends rally, gold miners lead way

   * TSX up 80.59 points, or 0.58 pct, at 13,892.52
 * Six of 10 main groups end higher
 * Materials up 1.85 percent  (Adds details, comments)
 By Solarina Ho
 TORONTO, Feb 8 (Reuters) - Toronto’s main stock index finished firmly higher on Tuesday as strong bullion prices pushed up gold miners.
 Goldcorp (G.TO) jumped 4.8 percent to C$42.76 while Barrick Gold (ABX.TO) rose 2.47 percent to C$48.45. Kinross Gold (K.TO) advanced 2.7 percent to C$17.10 and Agnico Eagle (AEM.TO) climbed 3.13 percent to C$73.47.
 The overall materials sector, where gold miners reside, was up 1.85 percent.
 Gold prices rose 1 percent to their highest level in almost three weeks on inflation fears and a technical breakout after breaching a key resistance level. [GOL/] [ID:nLDE7170VV]
  China moved to cool inflation with an interest rate hike on Tuesday, which benefited gold’s position as an inflation hedge. [ID:nTOE706030]
 “The commodities, especially silver, gold, the precious metals sector was powering ahead,” said Levente Mady, a market strategist at Union Securities.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 80.59 points, or 0.58 percent, at 13,892.52. Six of its 10 main groups finished higher.
 “It’s been a steady day ... a little bit of consolidation, profit-taking on the opening. But the market held and today had a quiet, positive tone to it,” said Bruce Latimer, a trader with Dundee Securities.
 The heavily weighted financials group, which makes up nearly 30 percent of the index, was also firmer, climbing 0.47 percent. Bank of Nova Scotia (BNS.TO) was up 0.97 percent at C$59.17.
 ($1=$0.99 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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