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    Oil, gold lift Toronto stocks to 100-point gain
    Wed Sep 14, 2005 05:01 PM ET
    (Adds details, official numbers, analyst comments)
    TORONTO, Sept 14 (Reuters) - Toronto stocks pushed sharply higher on Wednesday, propelled by resource issues, which recovered from a two-day slump as gold and oil prices leaped.

    The Toronto Stock Exchange's S&P/TSX composite index closed up 107.21 points, or 0.99 percent, at 10,932.41. Volume was a healthy 264.6 million shares worth C$4.4 billion.

    Markets south of the border headed in the opposite direction on concerns over the impact of high oil prices on consumer spending and corporate profits.

    In New York the Dow Jones industrial average was down 52.54 points, or 0.50 percent, at 10,544.90. The Nasdaq composite index fell 22.42 points, or 1.03 percent, to 2,149.33.

    The energy and materials sectors led the Toronto rally with gold-mining stocks, part of the broader materials group, soaring nearly 4 percent as bullion prices rose on weakness in the U.S. dollar. Gold futures ended at $453.70 an ounce in New York, approaching last year's highs of $458.70.

    "Bullion's close to a 17-year high, and the stocks which have been laggards, at long last, look to be breaking out of their trading patterns and so you're getting an explosive move in the index," said John Ing, president of Maison Placements Canada.

    "Our sense is that, at least in the near term, there's another 10 percent move in the gold index coming."

    Meanwhile, crude oil prices rose $1.98 a barrel to settle at $65.09 after a weekly report showed U.S. stockpiles tumbled more than expected.

    Overall, eight of the TSX's 10 main subgroups were higher.

    The energy sector rose 2.5 percent, led by Western Oil Sands (WTO.TO: Quote, Profile, Research) , which climbed C$1.70, or 5.63 percent, to C$31.90. Ensign Energy Services (ESI.TO: Quote, Profile, Research) added C$1.75, or 4.72 percent, to C$38.83. EnCana Corp. (ECA.TO: Quote, Profile, Research) , Nexen Inc. (NXY.TO: Quote, Profile, Research) and Suncor (SU.TO: Quote, Profile, Research) all rose more than 3 percent.

    The materials group added 1.2 percent, driven by gold stocks which gained 3.89 percent.

    Kinross Gold (K.TO: Quote, Profile, Research) rose 68 Canadian cents, or 8.35 percent, to C$8.82, Placer Dome (PDG.TO: Quote, Profile, Research) was up 70 Canadian cents, or 3.88 percent, at C$18.75 and Barrick Gold (ABX.TO: Quote, Profile, Research) added 70 Canadian cents, or 2.19 percent, to C$32.70.

    Other gainers included the financial services group, telecoms, utulities and consumer staples.

    On the downside, the tech sector fell 1.55 percent, led by Nortel Networks Corp. (NT.TO: Quote, Profile, Research) , which fell 15 Canadian cents, or 3.87 percent, to C$3.73. Graphics chipmaker ATI Technologies (ATY.TO: Quote, Profile, Research) dropped 36 Canadian cents, or 2.23 percent, to C$15.78.

    The health-care group was also off, down 0.37 percent.

    Market momentum was comfortably positive with 857 advancers and 612 decliners. The blue-chip S&P/TSX 60 index was down 5.62 points, or 0.93 percent, at 612.85.

    ($1=$1.18 Canadian)

    © Reuters 2005. All Rights Reserved.

    NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq and all other quotes delayed by at least 15 minutes. Reuters does not endorse the views or opinions given by any third party content provider.

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