Toronto stocks moved up Monday, setting a fresh record close, and despite a drop in oil prices, on the strength of the materials and financials sectors.

The S&P/TSX composite index gained 93.92 points, or 0.74%, to 12,848.67, its fourth consecutive positive session.

Eight of the 10 TSX main sub-groups were up, with information technology flat and only energy, down 0.12%, down on the day.

Light, sweet crude futures fell 99¢ to close at US$62.44.

Nevertheless, Petro-Canada lifted 29¢, or 0.57%, to $51.53.

The materials sector moved up 1.92%, while the gold sub-sector was up 1.72%

Gold for February delivery rose 30¢ to close at US$650.90 an ounce.

Kinross Gold Corp. gained 30¢, or 2.11%, to $14.50.

The Canadian dollar gained 0.36 of a cent to US87.70¢ ahead of tomorrow’s announcement from the Bank of Canada on its decision on the overnight rate. Its widely expected the central bank will leave the rate unchanged.

The S&P TSX Venture composite index slipped 12.99 points, or 0.46%, to 2,837.67.

In New York, lower crude prices and merger news fuelled a rally in the major U.S. markets.

The Dow Jones industrial average gained 89.72 points, or 0.74%, to 12,283.85, the Nasdaq Composite index gained 35.18, or 1.46%, to 2,448.39, and the S&P500 lifted 12.41, or 0.89%, to 1,409.12.