CANADA STOCKS-TSX rises as strong China data spurs resources

Thu Jan 10, 2013 11:26am EST

* TSX up 41.85 points, or 0.33 percent, at 12,564.09
    * All 10 main index sectors advance
    * Gold-mining stocks make biggest gains

    By John Tilak
    TORONTO, Jan 10 (Reuters) - Resource shares pushed Canada's
main stock index higher on Thursday as robust trade data from
China signaled a pickup in global demand and boosted commodity
prices.
    Investors were also encouraged by the European Central
Bank's decision to keep interest rates on hold and by ECB
comments that the euro zone economy will recover later in 2013.
    The index's materials sector, which includes mining stocks,
jumped 1.5 percent, with gold companies making the biggest gains
on a rally in gold prices. 
    Goldcorp Inc added 3.6 percent to C$36.69, Barrick
Gold Corp gained 1.8 percent to C$33.81, and Yamana
Gold Inc jumped 4.4 percent to C$17.03. The three
stocks played a major role in leading the index higher.
    Data on Thursday showed China's exports hit a seven-month
high in December, a strong finish to the year after seven
straight quarters of slowdown. 
    "People are looking for evidence that (China's) economy is
picking up. It's given the market a little bit of room for
optimism," said Michael Sprung, president of Sprung Investment
Management.
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up 41.85 points, or 0.33 percent,
at 12,564.09. All of the index's 10 main sectors were higher.
    The energy sector was up 0.1 percent as Brent crude prices
rose 0.7 percent rise on the Chinese data and on news that Saudi
Arabia was cutting its crude oil production.. In the
group, Suncor Energy Inc rose 0.9 percent to C$33.58. \
    "We don't think it's going to be a blockbuster year, but it
could be a better year for energy stocks in particular and
hopefully some material stocks," Sprung said.
     Financials rose 0.2 percent, with Toronto-Dominion Bank
 up 0.5 percent at C$82.58.
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.