The Toronto stock market posted solid gains Monday as resource and energy issues offset a disappointing performance by the financial sector.

The S&P/TSX composite closed up 65.71 points, or 0.48%, at 13,698.28.

The resource-laden materials sector climbed 2.32%.

Gold futures closed above US$900 for the first time after gaining steadily for five straight days. February’s gold ended up US$5.7, or 0.6%, at US$903.4 an ounce on the New York Mercantile Exchange.

The TSX gold subgroup rose 1.04% for the day.

Yamana Gold Inc. stock rose 50¢, or 2.99%, closing at $17.25, after it announced it expects to produce 1.3 million gold equivalent ounces this year, rising to 1.6 million ounces in 2009.

Diversified metals also remained strong, gaining 2.27%. Breakwater Resources Ltd. gained 6¢, or 4.14%, to close at $1.51.

After three days of declines, crude for February delivery finally made gains, ending up US$1.51, or 1.6%, at US$94.20 a barrel on the New York Mercantile Exchange.

On the TSX, the energy group rose 1.37%.

The financials sub-group retreated, losing 1.07%.

However, CIBC shares rose 76¢, or 1.07%, to close at $72.07, after the company said it plans to raise $2.75 billion by selling stock, with a group of investors, including Hong Kong billionaire Li Ka-Shing, committing to buy more than half of the shares.

The telecom group lost 0.84%, led by Rogers Communications Inc. Rogers stock lost $1.05, or 2.61%, closing at $39.25, after a report suggested Telus Corp. could challenge the company’s GSM monopoly.

The junior S&P/TSX Venture composite index closed up 20.80 points, or 0.74%, at 2,818.56.

The Canadian dollar closed up 0.15 of a cent, at US$98.22.

In New York, stocks rallied, buoyed by surprisingly strong results announced by IBM.

The Dow Jones industrial average gained 171.85 points, or 1.36%, closing at 12,778.15. The S&P 500 also saw gains, closing up 15.23 points, or 1.09%, to settle at 1,416.25.

The tech-heavy Nasdaq composite index gained 38.36 points, or 1.57%, closing at 2,478.30.