CANADA STOCKS-TSX rebounds on advance in gold miners

Fri Dec 21, 2012 11:02am EST

* TSX up 15.41 points, or 0.12 pct, at 12,403.85
    * Six of 10 sectors stronger; materials, energy rise

    By Claire Sibonney
    TORONTO, Dec 21 (Reuters) - Canada's main stock index
rebounded from earlier losses in choppy trading Friday, led by a
rise in gold miners, which offset worries about a setback in
U.S. budget talks and a plunge in shares of Research in Motion
.
    The materials sector, home to miners, rose 0.9 percent.
    Barrick Gold Corp, up 1.2 percent to C$33.61, and
Goldcorp Inc, up 0.5 percent to C$35.33, were among the
top advancers on the index, as gold prices recovered from
earlier lows. 
    "As our tiptoes are over the (U.S.) "fiscal cliff" and we're
looking over the abyss, the markets are upset obviously and this
is sort of putting a damper on the stocks," said John Ing,
president of Maison Placements Canada. The 'cliff' refers to
steep U.S. tax hikes and spending cuts due to take effect in
January, unless policy makers agree to avert them.
    "But we've had a mixed reaction in Canada, mainly because
the resources have been much better, like gold for example,
which is hedging into the uncertainty (around the budget
talks)," he said, noting gold miners have been under pressure
for the last two weeks. 
    The task of picking up the pieces of the fiscal talks, and
reassuring global financial markets that were shaky early
Friday, is likely to fall largely to President Barack Obama
after Republicans abandoned their own proposed fix championed by
House of Representatives Speaker John Boehner. 
    At 10:41 a.m. (1541 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 15.41 points, or 0.12
percent, at 12,403.85. Six of the 10 sectors were higher,
including energy stocks, which rose 0.1 percent.
    Dragging on the downside, RIM plunged around 14 percent to
C$12.01 following the BlackBerry maker's Thursday earnings
announcement, when the company outlined plans to change the way
it charges for services.
FILED UNDER:
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