Financial sector stocks continued to retreat on Wednesday, but a surge in materials shares helped the benchmark index of the Toronto Stock Exchange finish higher.

The S&P/TSX composite index finished up 11.54 points, or 0.1%, at 10,701.32.

The materials group jumped 6.4% and the sub-gold index surged more than 10% as gold futures reached their highest level in three months. Gold for December delivery ended up US$22.00, or 2.3%, at US$978.50 an ounce on the Comex division of the New York Mercantile Exchange.

Shares of Barrick Gold Corp. surged $3.29, or 8.5%, to close at $41.93.

Goldcorp Inc. added $3.91, or 9.8%, to $43.86 and Kinross Gold Inc. rose 10.6% to $22.90.

Shares of Yamana Gold Inc. soared 13.6% to $11.30 and Agnico-Eagle Mines Ltd. jumped $6.83, or 11%, to $69.15.

The energy group finished the day down 1.1% while oil futures were unchanged. On the New York Mercantile Exchange, crude for October delivery ended at US$68.05 a barrel.

Shares of Crescent Point Energy Corp. fell 2% to $35.67 and Husky Energy Inc. shed 2% to $28.55.

Canadian Natural Resources Ltd. fell 1.5% to $61.00.

Higher for the day was Niko Resources Ltd., which closed at $70.80, up $1.13, or 1.6%.

Shares of propane dealer Superior Plus Corp. fell 4% after it said it would acquire U.S.-based Sunoco Inc.’s retail heating oil and propane distribution business for US$82.5 million. Superior Plus shares finished at $11.37, down 47 cents.

The financials group finished down 2% on Wednesday.

Shares of Toronto-Dominion Bank fell $1.74, or 2.6%, to $64.30.

Bank of Nova Scotia retreated by 2.2% to $42.97 and CIBC fell 1.8% to $60.22.

Also lower was Manulife Financial Corp., down 2.7% to $21.12, and Sun Life Financial Inc., off 2% to $30.45.

Shares of Bombardier Inc. surged 7.1% after the company reported higher-than-expected profit of US$202 million in the second quarter ended July 31. Bombardier’s B-class shares closed at $4.10.

Also sharply higher on Wednesday were shares of life sciences company MDS Inc., up more than 30%, after it announced that it would sell two of its business units to focus on medical isotopes. MDS shares closed at $8.36, up $1.94. The boost helped the health care group on the TSX finish up 5.1%.

The junior S&P/TSX Venture composite index advanced with steady momentum throughout Wednesday’s session, to close up 21.65 points, or 1.9%, at 1,184.89.

The loonie retreated by less than one-tenth of a cent, to close at US90.51¢.

In New York, The main U.S. stock market indices finished lower for a fourth consecutive session after a report showed that the U.S. private sector shed a greater-than-expected 298,000 jobs in the month of August.

The Dow Jones industrial average fell 29.93 points, or 0.3%, to 9,280.67.

The S&P 500 index shed 3.29 points, or 0.3%, to 994.75.

The Nasdaq composite index slipped 1.82 points, or 0.1%, to rest at 1,967.07.

IE