CANADA STOCKS-TSX climbs to record high as Venezuela turmoil boosts gold prices

By Fergal Smith

TORONTO, Jan 5 (Reuters) - Canada's main stock index rose to a record high on Monday as gains for financial and metal mining shares overshadowed losses for energy stocks following turmoil in Venezuela.

The S&P/TSX Composite Index .GSPTSE ended up 336.58 points or 1.1% at 32,219.95, eclipsing the record closing high from December 23.

"Nothing can stop the freight train that is the TSX. It just seems to have all the right allocations for today's market," said Barry Schwartz, chief investment officer at Baskin Wealth Management.

"Gold's a driver today, the banks are unstoppable ... there's no better place to be when stock markets are at record highs than financial stocks."

Heavily weighted financials .SPTTFS added 1.6%, while the materials group .GSPTTMT, which includes metal mining shares, ended 3.3% higher after U.S. strikes in Venezuela added to gold's XAU= safe-haven appeal. The precious metal was up 2.7%.

Shares of e-commerce company Shopify Inc SHOP.TO were up nearly 6%, which helped lift the technology sector .SPTTTK by 0.8%.

The energy sector .SPTTEN fell 3.6%, with Canadian Natural Resources Ltd CNQ.TO down 6%, but finished well above its low for the day. The price of oil CLc1 settled 1.7% higher at $58.32 a barrel.

"The worry is that there will be all this oil flowing out of Venezuela and the U.S. won't need the Canadian supply," Schwartz said.

"The truth is ... you can't flip the switch and replace the Canadian oil overnight. It's going to take at least a decade and in the meantime oil demand increases every year."