TSX climbs again
TORONTO (Reuters) - Toronto's main stock index ended higher for a fifth straight session yesterday, backed by a three-week high in the price of gold that lifted producers such as Barrick Gold and Goldcorp.
Gold prices topped $1,140 an ounce as the US dollar broadly fell after minutes from the US Federal Reserve's latest meeting showed members were worried about the winding down of the central bank's massive purchase of mortgage securities to boost the nascent economic recovery.
Among key gainers, Barrick was up 1.65 percent at C$43.18, while Goldcorp rose 1.47 percent at C$43.38.
Energy players were also among the big movers, helping take the TSX composite index to a 15-month high as oil prices rose for a 10th straight day to settle above $83 a barrel, outweighing an unexpected rise in US crude and gasoline inventories.
Suncor jumped 1.3 percent to C$39.25, while Talisman advanced 1.8 percent to C$20.23.
"The oil numbers, even though they were relatively bearish, the whole complex isn't that bad today on the oil and gas side," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary.
"It's actually doing fairly well so that's helping. I think it portends what's going to come down the road here. You're going to see a lot more strength in the oil and gas as we head into 2010."
The Toronto Stock Exchange's S&P/TSX composite index closed up 56.46 points, or 0.47 percent, at 11,944.54. Seven of the index's 10 main groups were higher.
Potash Corp. played the biggest role of any individual stock in leading the index higher for a second straight session.
The shares added 3.44 percent to end at C$127.23 after the fertiliser producer won an analyst upgrade and as fellow producer Mosaic Co. said yesterday it expects shipments of potash to increase in 2010.