Strength in materials stocks helped the Toronto Stock Exchange advance on Wednesday, but weakness in bank stocks offset the day’s gains.

The S&P/TSX composite index rose 64.46 points, or 0.75%, to end at 8,693.09.

The materials group surged 3.9% as gold futures moved higher. Gold for February delivery ended up US$9.60, or 1.1%, at US$901.60 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index rose 2.4%.

Barrick Gold Corp. shares increased 3.7% to $45.73 and Agnico-Eagle Mines Ltd. was up 4.1% to $64.90.

Shares of First Quantum Minerals Ltd. surged $2.04, or 8.6%, to close at $25.84.

Goldcorp Inc. rose $1.72, or 4.9%, to close at $36.52.

Also higher was Agrium Inc., up 4.9% to $42.60 and Potash Corp., higher by 4.7% to $97.65.

The energy group advanced 1.4% in Wednesday’s trading.

Crude for March delivery fell US$0.46, or 1.1%, to end at US$40.32 a barrel on the New York Mercantile Exchange.

Shares of Niko Resources Ltd. soared 5.9% to $52.30.

Suncor Energy Inc. shares climbed 3.3% to $24.30 and Canadian Natural Resources Ltd. saw its shares rise 1.5% to $42.59.

Financial stocks acted as a drag on the benchmark index, slipping 1.3% in Wednesday’s trading.

Shares of ING Canada plunged 14.7% after news on Tuesday that former parent ING Groep NV would sell its controlling stake in the Canadian property and casualty insurer. ING Canada shares fell $4.97 to $28.82.

Sun Life Financial Inc. shares slipped 2.2% to $24.58.

Bank of Montreal shares fell 3% to $31.70 and CIBC shares dropped 2.3% to $45.44.

Other financial industry players climbed higher, including National Bank of Canada, up 2.6% to $35.26.

Junior companies advanced, pulling the S&P/TSX Venture composite index up 20.8 points, or 2.4%, to close at 890.05.

The Canadian dollar dipped US0.12¢ to close at US81.17¢.

Stock markets south of the border retreated on disappointing earnings news.

The Dow Jones industrial average fell 121.7 points, or 1.51%, to 7956.66.

The S&P 500 fell 6.28, or 0.75%, to end at 832.23.

The Nasdaq composite index fell 1.25 points, or 0.08%, to 1,515.05.

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