September 22, 2009 / 2:18 PM / 9 years ago

CANADA STOCKS-TSX gets early boost from gold, energy shares

 * TSX up 92.57 points at 11,517.33
 * Gold-mining and energy shares rally
 * Market shrugs off disappointing Canadian retail sales  (Adds details and comments)
 TORONTO, Sept 22 (Reuters) - Toronto’s main stock index was up nearly 1 percent at midmorning on Tuesday as higher commodity prices helped to trigger gains across much of the resource-heavy index.
 The index’s materials sector, up 1.87 percent, did the bulk of the heavy lifting in the early going, boosted by gold miners, which tracked gold prices as they rose to within striking distance of a record high. [GOL/]
 Shares of miner Barrick Gold Corp (ABX.TO), the biggest contributor to index’s gain, were up 2.3 percent at C$40.20, followed by Goldcorp (G.TO), which rose 2.2 percent to C$44.98.
 Energy shares, up 1.2 percent, also helped drive the TSX higher as oil prices rose back above $70 a barrel due to a weaker U.S. dollar. [O/R]
 Shares of Suncor Energy (SU.TO) rallied 1.8 percent to C$39.34, while Canadian Natural Resources (CNQ.TO) was up 1.8 percent at C$75.28.
 “We had some U.S. dollar weakness this morning pushing oil and gold prices higher so it’s just a natural recipe to get people buying the gold stocks and energy names,” said Gareth Watson, Canadian equity advisor at ScotiaMcLeod.
 “Overall the sentiment was pretty positive and I think you’ve seen that translate obviously into gains for the TSX.”
 At 10:00 a.m. (1400 GMT), the S&P/TSX composite index .GSPTSE was up 92.57 points, or 0.81 percent, at 11,517.33.
 The TSX shrugged off data that showed Canadian retail sales unexpectedly fell 0.6 percent in July from June after two months of robust gains. [ID:nN22339158]
 ($1=$1.07 Canadian)  (Reporting by Frank Pingue; editing by Peter Galloway)                                      

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