July 22, 2011 / 3:33 PM / 8 years ago

CANADA STOCKS-TSX hits near 7-week high on commodity price jump

   * TSX up 60.33 points, or 0.45 percent at 13,494.63
 * Seven of 10 main sectors higher
 * Mining, energy drive gains as resource prices rally  (Adds analyst comment, details)
 By Trish Nixon
 TORONTO, July 22 (Reuters) - Toronto’s main stock index closed at its highest level in nearly seven weeks on Friday, as mining and energy company shares rallied on stronger commodity prices.
 The materials sector, home to influential gold and base metal miners, led the index with a 1.42 percent rise. Energy stocks rose 0.38 percent. Together the sectors make up roughly 50 percent of the composite index.
 The market was led higher by Goldcorp (G.TO), up 2.57 percent to $51.47, Potash Corp  POT.TO, up 2.04 percent to $58.50, and Barrick Gold (ABX.TO), up 1.6 percent to $47.62.
 The price of gold stood about 1 percent higher, nearing the record high, as reservations over a bailout plan for debt-laden Greece and concerns over talks to raise the U.S. debt ceiling spurred safe-haven buying of precious metals. [GOL/]
 “Commodities have themselves managed to buoy the Canadian stock market,” said Michael Sprung, president of Sprung & Co Investment Counsel.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 60.33 points, or 0.45 percent, at 13,494.63. Seven of its 10 main groups were higher.
 It reached an intra-day high of 13,516.17, its strongest level since June 6.
 ($1=$0.95 Canadian)  (Editing by Jeffrey Hodgson)                            

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