TORONTO - The Toronto stock market closed higher Wednesday with much lift coming from mining stocks as bullion hit another record high close.

The S&P/TSX composite index was up 72.41 points to 11,779.73 -- its highest close this year -- even as investors took in disappointments surrounding jobs data, a slow start to the U.S. holiday shopping season and surging American crude inventories, which depressed energy stocks.

The Canadian dollar was off 0.32 of a cent at 95.22 cents US.

Energy stocks were the major weight after data showed that U.S. crude stockpiles rose 2.1 million barrels last week, against a decline of 1.3 million barrels that had been forecast.

The energy sector was down 0.7 per cent and the January crude contract fell $1.77 to US$76.67 a barrel. EnCana Corp. (TSX:ECA) lost $1.20 to $56.43.

The gold sector was the leading advancer, up 2.65 per cent. Bullion moved further into record territory partly because of inflation fears but "I think the whole gold thing really is in large measure totally related to the U.S. dollar," said Fred Ketchen, manager of equity trading at Scotia Capital.

The December contract on the Nymex gained $12.90 to US$1,212 an ounce. Barrick Gold Corp. (TSX:ABX) climbed $2.23 to $50.43 and Goldcorp Inc. (TSX:G) advanced $1.29 to $48.19.

Investors also took in dull news from the employment and retail fronts.

Ahead of Friday's release of November jobless figures, the U.S. ADP National Employment Report said that 169,000 private sector jobs were lost in November. While it represented another month-over-month decline in job losses, investors had been looking for a drop of 148,000.

"It (the recovery) all falls apart if you don't get jobs to come around," said Bill Stone, chief investment strategist at PNC Wealth Management in New York.

The ADP jobs report is often used as a gauge for Friday's monthly unemployment report from the U.S. Labour Department. Economists estimate that Friday's government non-farm payrolls report will show that 114,000 jobs were lost in the U.S. in November.

Meanwhile, new U.S. holiday shopping figures offered more evidence that confirms a modest start to the holiday shopping season. ShopperTrak says retail sales for the three-day holiday weekend rose 1.6 per cent. At the same time, customer traffic slipped 1.1 per cent compared with last year.

On a more positive note, the U.S. Federal Reserve said regional economic activity has generally improved since its last such report in October. The Fed also said consumer spending has strengthened even as employment and commercial real estate remain weak.

Elsewhere on the TSX, the December copper contract was ahead three cents at US$3.23 a pound on top of a 10-cent jump over the past two days and the base metals sector rose 1.13 per cent. Teck Resources (TSX:TCK.B) was ahead 91 cents to $37.92 while Equinox Minerals (TSX:EQN) gained 14 cents to $4.34.

The telecom sector ran ahead 0.83 per cent with Telus Corp. (TSX:T) up 70 cents to $35.03.

Financials were little changed a day before earnings from National Bank (TSX:NA), TD Bank (TSX:TD), CIBC (TSX:CM). Royal Bank (TSX:RY) issues earnings on Friday and Scotiabank (TSX:BNS) next week.

It's expected that the markets will be generally pleased with results after Bank of Montreal (TSX:BMO) delivered a solid report last week that beat expectations and featured lower loan-loss provisions.

"BMO set a good tone because it was stronger, considerably stronger I think than what most analysts were forecasting," added Ketchen.

"We have dealt with the risk in the industry pretty well."

The TSX Venture Exchange moved 11.3 points ahead to 1,461.79.

New York markets were mixed with the Dow Jones industrial average down 18.9 points to 10,452.68.

The Nasdaq composite index moved 9.22 points higher to 2,185.03 and the S&P 500 added 0.38 of a point to 1,109.24.

In corporate news, Agrium Inc. (TSX:AGU) is taking steps to remove directors at CF Industries Holdings' (NYSE:CF) who have been blocking the Canadian fertilizer company's hostile takeover bid for the Illinois-based company. Agrium says it will nominate a slate of directors for election at CF's 2010 annual meeting and has challenged CF's current board to allow shareholders to decide whether they want to accept the takeover offer worth about $4.95 billion. Agrium shares rose $3.57 to $63.27.

Potash Corp. of Saskatchewan Inc. (TSX:POT) will be restarting operations at its Sussex-area mine Sunday following a temporary shutdown, but there is no certainty how long the work will last. Demand for potash is still weak globally and little product has moved out of the province, mine general manager Mark Fracchia said in an interview Tuesday. Potash shares ran ahead $7.07 to $128.73.

Canadian National Railway Co. (TSX:CNR) and the Teamsters union have reached a deal to end a strike by locomotive engineers which began Saturday. No details of Wednesday's agreement were immediately available. Its shares ended the day down 15 cents at $56.15.

Enbridge Inc. (TSX:ENB) shares were off 22 cents to $46.30 even as it announced it will increase its quarterly dividend by 15 per cent to 42.5 cents per common share, payable on March 1, 2010. The Calgary-based pipeline operator and natural gas distributor also says its adjusted operating earnings are expected to be 12 per cent higher in 2010 than in 2009.

Talisman Energy Inc. (TSX:TLM), a Calgary-based company that produces oil and gas around the globe, is laying off 220 workers in its North American natural gas business, which is in the midst of restructuring. Its shares added four cents to $18.93.