TORONTO (Reuters) — The main index of the Toronto Stock Exchange rallied 140 points yesterday, hitting a record high close on strong energy and resources shares and the blockbuster takeover of Alcan Inc.The S&P/TSX composite index surged 140.5 points, or 0.98 percent, to close at 14,496.50. A week ago, the index closed at 14,118.70.

"There seems to be no stopping this market," said Elvis Picardo, investment strategist at Northern Securities Inc.

All but one of the composite's 10 main groups advanced, including the energy and resources-laden materials sectors, which rose 1.5 percent and 0.62 percent respectively. Financials advanced 0.78 percent.

Utilities, the sole declining group, dipped 0.1 percent.

The S&P/TSX 60 index of Canadian blue chips picked up 8.96 points to finish at 832.64.

There were 975 advancers and 640 decliners. Energy shares rose as the price of US crude broke above $77 a barrel on speculative buying. EnCana Corp. rose 71 Canadian cents, or one percent, to C$67.29. Suncor Energy Inc. gained C$2.22, or 2.3 percent, to C$100.02.

Another factor boosting investor mood was the $38 billion takeover offer from Rio Tinto Ltd/Plc for Alcan Inc. Alcan shares dipped 41 Canadian cents to C$102.34, after posting strong gains earlier in the week.

As well, interest rate concerns, which had depressed the market in recent days, seem to have dissipated, pushing financials higher, said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

Toronto-Dominion Bank shares rose 42 Canadian cents, to C$73. Royal Bank of Canada added 51 Canadian cents to C$57.82.

Picardo said that none of the companies that have reported results thus far have raised the recent strength of the Canadian dollar as a problem.