The Toronto stock market set a new record on high Thursday with a rebound in materials and energy issues offsetting disappointing results from Loblaw.

The S&P/TSX composite index gained 42.05 points, or 0.3%, to 13,184.3.

Overall, seven of the 10 TSX main groups were higher, led by a 0.9% rise in the resource-laden materials sector, which got a boost from a rally in gold prices.

The April price for bullion on the Nymex moved up $5.50 to US$662.80.

Barrick Gold shares gained 48¢, or 1.3%, to $36.37, while Goldcorp jumped $1.12, or 3.5%, to $33.50.

The energy sector rose 0.48% as oil prices rebounded. U.S. crude jumped up $2 to US$59.71 a barrel amid continued cold weather in the United States.

EnCana Corp. rose 46¢, or 0.8%, to $57.77.

Shares of Loblaw dropped $2.29, or 4.5 %, to $48.95 after the grocery chain warning it will take a fourth-quarter hit of up to $900 million related to its Provigo stores in Quebec.

Shares of parent company George Weston declined $3.10 to $74.95.

The Canadian dollar was ahead 0.16 cent to 84.56¢.

The junior S&P/TSX Venture composite index was off 8.72 points to 2,976.69.

On Wall Street, U.S. stocks fell on Thursday after a warning about U.S. sub-prime mortgage lending from Britain’s HSBC sparked a sell-off in financial stocks

The Dow Jones industrials declined 29.24 points, or 0.23%, to 12,637.63.

The Nasdaq composite index dipped 1.83 points, or 0.07%, to 2,488.67 and the S&P 500 index lost 1.71, 0.12%, to 1,448.31.