CANADA STOCKS-TSX on track for 3rd straight 1 pct weekly gain
* TSX up 17.56 points, or 0.13 percent, at 12,342.31
* Gold miners pull back after recent strong gains
* Energy and financial stocks push ahead
TORONTO, Oct 25 (Reuters) - Canada's main stock index made minor gains on Friday, with higher energy and financial stocks more than offsetting a pullback in gold miners and other materials stocks.
Gold miners, which made strong gains a day earlier driven by strong results and higher bullion prices, pulled back. Goldcorp Inc slipped 0.8 percent to C$27.55 and Barrick Gold Corp was off 0.9 percent at C$20.78.
Gold producers have made strong gains in recent weeks on rising expectations that the U.S. Federal Reserve will stick with its monetary stimulus for longer.
John Ing, president of Maison Placements Canada, said a valuation metric of market capitalization per ounce of reserves showed many of the largest gold miners were still undervalued.
The Toronto Stock Exchange's S&P/TSX composite index is on track for its third straight weekly gain of at least 1 percent. It was up 17.56 points, or 0.13 percent, at 12,342.31 by midmorning.
Energy companies were higher on the day, led by Suncor Energy Inc up 1.1 percent to C$37.46 and Canadian Natural Resources up 0.5 percent to C$33.23. Ing said global macro-economic trends would likely remain favorable for Canada's resource stocks.
"My view is that the super cycle is still intact," he said. "The much talked-about slowdown in China is a self-imposed slowdown in order to have orderly growth rather than the boom-bust periods we have in the west. They will still need resources and the appetite remains strong."
Supporting that point, Chinese factory data showed new orders at their highest in seven months in October.
Financial stocks, which along with resources play an oversized role in the index's fortunes, also gained.
Toronto-Dominion Bank was up 0.4 percent to C$93.91 and Royal Bank of Canada, the country's largest lender, gained 0.3 percent to C$69.53.
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Lost Malaysian airliner may have run out of fuel over Indian Ocean : source |
- UPDATE 2-Satellite data shows missing Malaysia plane may have flown thousands of miles-source
- Investigators focus on foul play behind missing Malaysia plane: sources |
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data