Toronto stocks extended Thursday rally today as gold and energy issues continued to climb. At midday, the S&P/TSX composite index was up 56.73 points, or 0.6%, to 9,553.09. Volume was 144 million shares.

Five of the TSX’s 10 main groups were higher.

The overall materials group was up 1.76%, helped by a strong showing in its gold mining subgroup.

Gold issues rose 1.53% as bullion strengthened to nearly $420 an ounce against a weaker U.S. dollar and as some of the world’s biggest gold firms said they would lobby against the sale of IMF gold reserves to fund debt relief for poor countries.

NovaGold climbed 38¢, or 4.36%, to $9.10. GoldCorp whose shareholders approved a merger with Wheaton River Minerals, rose 43¢, or 2.56%, to $17.23. Wheaton River gained 9¢, or 2.23%, to $4.13.

Among other materials companies, Alcan was up 27¢, or 0.73%, at $37.17, while Falconbridge rose 62¢, or 1.93%, to $32.72.

Energy stocks extended Thursday’s healthy run on stronger oil prices. The group climbed 1.22%.

Oil futures, which leaped about 3.6% on Thursday on lower U.S. temperatures and concerns over world oil supplies, held at about US$47.40 a barrel on Friday.

Suncor Energy advanced $2.28, or 5.15%, to $45.58.

Tech stocks also reversed earlier losses to climb 0.96%. Nortel Networks rose 6¢, or 1.97%, to $3.11.

The junior S&P/TSX Venture composite index was ahead 13.81, or 0.75%, at 1,865.96.

In New York, U.S. stocks moved higher with as the semiconductor sector rallied on expectations of an improving outlook for chip companies.

At midday, the blue-chip Dow Jones industrial average was last up 56.38 points, or 0.52%, at 10,805.99.

The tech-heavy Nasdaq composite index bounced off early lows to trade up 17.06 points, or 0.83%, at 2,070.16.

Meanwhile, the broader S&P 500 climbed 8.96 points, or 0.75%, to 1,205.97.