Surging oil and gold issues propelled Toronto stocks higher Tuesday, while the financials group remained flat after BMO announced $490 million in charges related to the U.S. credit market.

The S&P/TSX composite index closed up 220.98 points, or 1.67%, to end at 13,447.74.

Six of the 10 main TSX groups gained today.

The energy sector moved up 2.10%, as crude closed above $100 a barrel for the first time ever. The March contract closed up US$4.51, or 4.7%, at US$100.01 on the Nymex.

Talisman Energy Inc. shares gained 57¢, or 3.61%, to finish at $16.36.

The financials group struggled in the morning after BMO announced writedowns and a management shuffle.

Shares in Bank of Montreal lost 3¢, or 0.06%, to close at $53.80, after the bank announced it will take $490 million dollars in charges related to certain trading activities and structured credit-related positions. BMO expects the charges taken in the quarter to lower first quarter earnings per share by approximately 70¢.

Meanwhile, CIBC shares fell 25¢, or 0.38%, to close out at $66.07.

Royal Bank of Canada shares, however, gained 73¢, or 1.47%, to close at $50.55. Bank of Nova Scotia shares gained 63¢, or 1.33%, to close at $48.01. TD Bank Financial Group stock gained 12¢, or 0.18%, to end at $65.98.

Manulife shares gained 41¢, or 1.10%, closing at $37.71, after it announced its subsidiary, Hancock Timber Resource Group, is adding to its U.S. forest land holdings in a deal valued at US$1.71 billion.

The heavyweight materials group rose 4.89%, while the gold sub-index gained 6.12%.

Gold for April delivery surged US$23.70, or nearly 3%, to end at US$929.8 an ounce on the Nymex

Yamana Gold Inc. shares gained 98¢, or 6.38%, to close at $16.33.

Kinross Gold Corp. stock gained $1.32, or 5.92%, to end the day at $23.63.

In individual stocks, Thomson Corp. shares fell 25¢, or 0.72%, to $34.55, after it won Canadian and European regulatory approval Tuesday to buy news and information provider Reuters Group PLC for US$15.9 billion

The junior S&P/TSX Venture composite index moved up 37.61 points, or 1.46%, to close at 2,622.60.

The Canadian dollar closed out at US$98.32, down 0.92 of a cent.


In New York, market gains were erased late in the day as oil prices rose above US$100 a barrel.

The Dow Jones industrial average dropped 10.99 points, or 0.09%, to end the session at 12,337.22.

The S&P 500 closed down 1.21 points, or 0.09%, at 1,348.78.

The tech-heavy Nasdaq composite index fell15.60 points, or 0.67%, to finish at 2,306.20.