CALGARY, Alberta, Dec 29 (Reuters) - Toronto's main stock index jumped nearly 4 percent on Monday, led by resource producers, as oil and gold prices rallied on Middle East violence.
The Toronto Stock Exchange's S&P/TSX composite index rose 326.74 points, or 3.9 percent, to close at 8,637.29.
Among big gainers were shares in miners Barrick Gold and Goldcorp, both up more than 10 percent, and oil producers Nexen Inc and Petro-Canada, which climbed 7 percent and 6 percent respectively.
They helped lift the materials subgroup 10.2 percent and the energy producers 5.7 percent. All 10 of the TSX's main sectors finished higher on the day.
'Everything goes in tandem with it. You get one or two of the big names up, and everybody else likes to follow suit a little bit,' said portfolio manager Adrian Mastracci of KCM Wealth Management in Vancouver.
'But I think it's short term. If anybody had to, I think I would be selling some things as opposed to buying some things right now.'
Commodity prices rallied on concerns that Israeli air attacks on Gaza in the third day of a deadly offensive could lead to disruptions in crude supplies from the Middle East.
Gold ended up $4.10 in New York to close at $875 an ounce, paring earlier gains, and oil jumped $2.31, or 6 percent, to finish at $40.02 a barrel.
Barrick shares rose C$4.28 to C$45.34, while Goldcorp gained C$3.95 to C$38.50. Nexen climbed C$1.42 to C$20.43 and Petro-Canada rose C$1.54 to C$26.99.
($1=$1.22 Canadian)
(Reporting by Jeffrey Jones; editing by Rob Wilson) Keywords: MARKETS CANADA STOCKS (jeff.jones@thomsonreuters.com; +1 403 531 1624; Reuters Messaging: jeff.jones.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Toronto Stock Exchange's S&P/TSX composite index rose 326.74 points, or 3.9 percent, to close at 8,637.29.
Among big gainers were shares in miners Barrick Gold and Goldcorp, both up more than 10 percent, and oil producers Nexen Inc and Petro-Canada, which climbed 7 percent and 6 percent respectively.
They helped lift the materials subgroup 10.2 percent and the energy producers 5.7 percent. All 10 of the TSX's main sectors finished higher on the day.
'Everything goes in tandem with it. You get one or two of the big names up, and everybody else likes to follow suit a little bit,' said portfolio manager Adrian Mastracci of KCM Wealth Management in Vancouver.
'But I think it's short term. If anybody had to, I think I would be selling some things as opposed to buying some things right now.'
Commodity prices rallied on concerns that Israeli air attacks on Gaza in the third day of a deadly offensive could lead to disruptions in crude supplies from the Middle East.
Gold ended up $4.10 in New York to close at $875 an ounce, paring earlier gains, and oil jumped $2.31, or 6 percent, to finish at $40.02 a barrel.
Barrick shares rose C$4.28 to C$45.34, while Goldcorp gained C$3.95 to C$38.50. Nexen climbed C$1.42 to C$20.43 and Petro-Canada rose C$1.54 to C$26.99.
($1=$1.22 Canadian)
(Reporting by Jeffrey Jones; editing by Rob Wilson) Keywords: MARKETS CANADA STOCKS (jeff.jones@thomsonreuters.com; +1 403 531 1624; Reuters Messaging: jeff.jones.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.