June 10, 2009 / 2:08 PM / 10 years ago

CANADA STOCKS-TSX gets early boost from oils, gold miners

* TSX up 81.26 points at 10,629.12.

* Hits highest level since Oct. 14

* Gold-miners and energy lead rise (Adds details and comments)

By Frank Pingue

TORONTO, June 10 (Reuters) - Toronto’s main stock index was up nearly 1 percent on Wednesday morning as a rally in gold and oil prices offered support to the resource-heavy market.

The materials group, home to gold-mining shares, led all sectors with a 1.8 percent advance, while the energy sector followed closely with a 1.5 percent rise as U.S.-dollar priced commodities benefited from a slide in the greenback.

Leading energy shares higher was Suncor Energy (SU.TO), whose shares were up 2.2 percent at C$39.51, followed by Canadian Natural Resources (CNQ.TO), which rose 1.5 percent to C$64.56.

“The key thing here, though, is whether or not the upward momentum is being driven by fundamentals or just U.S. dollar weakness, and I would argue it’s the latter,” said Gareth Watson, Canadian equity advisor at ScotiaMcLeod.

“And I would feel much more comfortable from a fundamental perspective in terms of people buying the stocks if it was done more for fundamental reasons than just a currency basis.”

At 10:00 a.m. (1400 GMT), the S&P/TSX composite index .GSPTSE was up 81.26 points, or 0.77 percent, at 10,629.12. Earlier it rose to 10,674.14, its highest level since Oct. 14.

Other key drivers behind the TSX’s early rise were shares of Goldcorp (G.TO), which rallied 1.8 percent to C$40.05, and Barrick Gold (ABX.TO), which were up 1.6 percent at C$40.42.

$1=$1.11 Canadian Editing by Peter Galloway

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