CANADA STOCKS-TSX advances for 5th day on golds, energy

Fri May 20, 2011 5:14pm EDT

   * TSX ends up 0.2 pct at 13,652.27
 * Golds up as Greek debt woes boost bullion
 TORONTO, May 20 (Reuters) - Toronto's main stock index rose
for a fifth-straight session on Friday as higher bullion and
oil prices boosted gold-mining and oil and gas shares.
 Among gold producers, Goldcorp (G.TO) was up 1.37 percent
at C$47.50, Iamgold (IMG.TO) gained 1.95 percent to C$20.40,
and Barrick Gold (ABX.TO) rose 0.45 percent to 44.38.
 Gold prices jumped 1.5 percent on safe-haven buying after
Greece's credit rating was cut by Fitch. [ID:nLDE74J0LV]
 "Gold prices have rebounded quite strongly today, but the
fact is that gold stocks have been lagging the rise in gold
prices for months now," said Elvis Picardo, an analyst and
strategist at Global Securities in Vancouver.
 "Gold stocks are certainly benefiting from renewed interest
in some of the undervalued names."
 Junior producer Alacer Gold (ASR.TO) rose 5.67 percent to
C$8.76 and Lake Shore Gold (LSG.TO) was up 5.56 percent to
C$3.61.
 Oil prices also rose, bouncing back from earlier losses,
helped by a broad rise in commodities. The Reuters-Jefferies
CRB index .CRB, a global benchmark that tracks a basket of 19
commodities, ended up 0.67 percent.
 Encana (ECA.TO) was up 2.32 percent at C$32.60, while
Bonavista Energy (BNP.TO) rose 1.98 percent to C$28.86.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 27.18 points, or 0.2 percent, at
13,652.27.
 Seven of the index's 10 main groups were higher. The
mining-heavy materials sector and the energy sector, which
together make up nearly half of the index, were up 0.23 percent
and 0.64 percent respectively.
 The heavyweight financials sector ended down 0.1 percent.
 Bank of Nova Scotia (BNS.TO) ended down 0.1 percent at
C$58.49, and Bank of Montreal (BMO.TO) lost 0.05 percent to
C$62.17.
 Bruce Latimer, a trader at Dundee Securities, said that
trading was largely directionless ahead of a long weekend in
Canada.
 He said financial stocks would likely see more action next
week when the country's big banks start to report their
quarterly results.
 In individual company news, Air Canada's ACb.TO 3,800
customer service and sales agents authorized strike action if
necessary to back their bargaining position in contract talks.
Air Canada's stock still managed to gain 5 Canadian cents to
C$2.40, however. [ID:nN20226206]
 ($1=$0.97 Canadian)
 (Reporting by John McCrank; editing by Peter Galloway)