CANADA STOCKS-TSX ekes out gain, on track for 1 pct rise on week

Fri Mar 21, 2014 10:49am EDT

(Adds portfolio manager comment, updates prices)
    By Alastair Sharp
    TORONTO, March 21 (Reuters) - Canada's main stock index
pushed marginally higher on Friday and was on track for a 1
percent gain for the week, as gold miners recovered along with
the price of bullion and retailers rose after regulatory
approval for a major takeover in the sector.
    Investors took some solace from domestic data that showed
February inflation within the central bank's target range and
retail sales that bounced back in January. 
    "It's a sigh of relief on the inflation and retail numbers,
which were a little higher," said Irwin Michael, portfolio
manager at ABC Funds.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 8.78 points, or 0.06 percent, at 14,370.61
after an hour of trade. At that level, the index was on track
for a 1 percent gain for the week.
    "You've got a rally going on in copper and gold, so the
copper stocks are up and some of the golds are off the bottom
from yesterday, that's helpful," ABC's Michael added.
    Goldcorp Inc, one of the world's largest producers of
the precious metal, added 0.7 percent to C$30.19, while
diversified miner Teck Resources notched up a 0.9
percent gain to C$23.16.
    Goldcorp and other gold miners had dipped earlier in the
week as anxiety eased over the Ukraine crisis, which had added
to gold's safe-haven appeal. 
    Grocery store chain Loblaw Cos Ltd jumped 3.3 percent
to C$47.77 after a competition watchdog approved its C$12.4
billion ($11 billion) bid for pharmacy chain Shoppers Drug Mart
Corp. 
    Shares in Shoppers rose 1.8 percent to C$61.69.

 (Reporting by Alastair Sharp; Editing by James Dalgleish and
Sophie Hares)
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