CANADA STOCKS-TSX gains as miners bounce, global data points to recovery

Thu Aug 22, 2013 10:49am EDT

* TSX gains 126.53 points, or 1.01 percent
    * Most of the 10 main index sectors rise, led by miners
    * Barrick Gold jumps 4 percent after agreeing to sell
Australian assets

    By Alastair Sharp
    TORONTO, Aug 22 (Reuters) - Canada's main stock index
rallied 1 percent on Thursday as positive data readings from the
United States, Europe and China helped miners lead most major
sectors into positive territory.
    Shares in Barrick Gold Corp, the world's largest gold
producer, climbed 4 percent to C$20.76 after it agreed to sell
three of its higher-cost gold mines in Australia for $300
million. 
    Barrick's boost was the single biggest mover behind the
rally for the Toronto Stock Exchange's S&P/TSX composite index
. Shares of rival Goldcorp Inc added 3 percent
to C$32.50. Spot gold gained 1 percent. 
     Business surveys pointed to an improving world economy,
with U.S. and Chinese manufacturing activity at multi-month
highs and better-than-expected growth in the euro
zone. 
    "The data came at the right time, after a number of down
days," said John Kinsey, portfolio manager at Caldwell
Securities, who also said light volumes exacerbated the rise.
    The index on Wednesday hit its lowest level since Aug. 12.
    The global data also helped steady oil prices, and the
index's energy sector notched a 1 percent gain led by Suncor
Energy Inc, up 1.2 percent at C$35.27, and Cenovus
Energy Inc, up 2 percent at C$30.07.
    On the other side of the ledger, Canada's telecom and cable
companies were among the heaviest weights, with BCE Inc 
down 0.3 percent at C$42.23, Shaw Communications Inc 
down 0.8 percent at C$25.17 and Quebecor Inc slipping
1.5 percent to C$22.15.
    At 10:45 a.m. (1445 GMT) the S&P/TSX  was up 126.53 points,
or 1.01 percent.
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