By Jennifer Kwan
Reuters
Wednesday, February 14, 2007

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The Toronto Stock Exchange’s main index ended higher yesterday as shares of min­ing companies rose on firm metal prices, offsetting weakness in energy issues. The S&P/TSX composite index closed up 32.70 points, or 0.3%, at 13,204.46.

Adrian Mastracci, fee-only portfolio manager at
KCM Wealth Management in Vancouver, says, "I think some investors are taking a little solace from that."

“We had a wonderful day yesterday and for it to be up, even a little bit, is a good sign,” said John Kinsey, portfolio manager at Caldwell Securities Ltd.

The benchmark index soared 131.22 points, or 1%, to close at 13,171.76 Tuesday amid rising oil prices and takeover talk in the aluminum industry. Overall, seven of the TSX index’s 10 main groups were higher yesterday, with the resource-laden materials group up 0.5%. Lundin Mining climbed 58 cents, or 4.7%, to $12.96, while First Quan­tum Minerals Ltd. rose $2.57, or 4%, to $67.40. Shares of gold miners also rose, with Barrick Gold Corp. up 43 cents, or 1.2%, at $36.55, while Goldcorp Inc. gained 35 cents, or 1.1%, to $33.58.

The energy sector was down 0.2% as the price of U.S. crude fell nearly 2% to US$58 a barrel after a U.S. government report showed a smaller-than-expected drop in heating oil inventories. Petro-Canada slid 68 cents, or 1.5%, to $45.92, while Sun­cor Energy fell 84 cents, or 1%, to $85.75.

The financial services and health-care sectors also experienced losses.

The TSX took some positive guidance from south of the border following com­ments by U.S. Federal Reserve chairman Ben Bernanke that inflation is poised to ease while the U.S. economy grows moderately.

“I think some investors are taking a little solace from that," said Adrian Mastracci, investment counsel and president at KCM Wealth Management Inc. in Vancouver.

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