CANADA STOCKS-TSX lifted by gold rally, but oils weigh

* TSX up 34.31 points at 12,959.42

* Seven of 10 main sectors higher
(Updates with details, commentary) (Read more stock market commentary today.

By Claire Sibonney

TORONTO, Nov 8 (BestGrowthStock) – Toronto’s main stock index
pushed slightly higher on Monday morning after hitting its
highest level since September 2008 in the previous session, as
as gold miners rallied, but weak energy shares weighed.

A stronger U.S. dollar pressured commodity prices,
including oil, base metals and gold. But the precious metal
remained near record highs, and gold-miners advanced 0.7
percent. [GOL/]

Among the lead gainers, Barrick Gold Corp (ABX.TO: ), the
world’s No. 1 producer, rose 1.4 percent to C$49.83, while
Agnico Eagle (AEM.TO: ) gained 1.2 percent to C$80.93.

“They have been lagging the metal for a long time …
they’re finally trying to get out of the doldrums and do a
little bit of catch-up here,” said John Kinsey, portfolio
manager at Caldwell Securities.

Comments from World Bank president Robert Zoellick, calling
for leading economies to consider readopting a modified global
gold standard to guide currency movements, had little impact on
the price of gold, but Kinsey said the remarks would be
supportive for the sector overall. [ID:nSGE6A702V]

“This would make the gold stocks a little more legitimate
as an investment I think … The demand for the metal would be
there and they would have to go out and build more mines.”

At 10:19 a.m. (1419 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 34.31 points, or 0.27
percent, at 12,959.42. Seven of the 10 main sectors were
stronger, the including heavyweight financials, up 0.3 percent
and materials, 0.5 percent higher.

Energy stocks however were off 0.02 percent, with Suncor
Energy (SU.TO: ) slipping 0.7 percent to C$35.50.

“I think it may need a pause. Nothing goes straight up
forever,” added Kinsey. “But we are getting seasonal here for
the energy. Winter is coming and everyone seems to think La
Nina is going to cause a very cold winter, and if we get a very
cold winter that will be very good for the commodity.”

Cameco Corp (CCO.TO: ) jumped 3.7 percent to C$34.37, despite
reporting its third-quarter operating profit dropped due to
higher exploration costs and a drop in uranium sales volumes.
[ID:nN08200319]
(Reporting by Claire Sibonney; editing by Rob Wilson)

CANADA STOCKS-TSX lifted by gold rally, but oils weigh