Gold, oil push TSX to one-week high

Reuters
November 04, 2009

Toronto's main stock index ended higher Wednesday as strength in energy prices boosted oil and gas companies and a record bullion price sent Barrick Gold and other miners higher.

Barrick rose 2.3 percent to $42.94 and Kinross Gold finished the day up 3.8 percent at C$20.09. Nexen Inc. was also a top gainer, rising 2.8 percent to $24.42, while Suncor Energy was up 0.5 percent at $35.14 as the price of oil rose above $80 US a barrel.

Gold shares added to big gains as the price of the precious metal hit a record above $1,095 an ounce.

"We're just seeing buying right across the board today. The commodities are acting well," said Bruce Latimer, trader at Dundee Securities.

The S&P/TSX composite index climbed 45.30 points, or 0.41 percent, at 11,071.20, with six of its 10 main groups higher.

The broader market was also heartened by the U.S. Federal Reserve, said Latimer. The Fed kept its key interest rate near zero and expressed confidence the U.S. economic recovery was gaining steam.

Bank of Nova Scotia rose 0.6 percent to $46.52 Cdn, while Manulife added 1 percent rise to $20.59. But the broader financials sector ended the day flat, down 0.08 percent.

The Dow Jones industrial average gained 30.23 points, or 0.31 percent, to end at 9,802.14. The Standard & Poor's 500 Index edged up 1.09 points, or 0.10 percent, to 1,046.50. But the Nasdaq Composite Index dipped 1.80 points, or 0.09 percent, to close at 2,055.52.

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