CANADA STOCKS-TSX climbs on BOJ stimulus steps; gold miners drop

Fri Oct 31, 2014 4:39pm EDT

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* TSX up 154.63 points, or 1.07 percent, at 14,613.32
    * Eight of 10 main index sectors advance
    * Gold miners slump to 13-year low

    By John Tilak and Susan Taylor
    TORONTO, Oct 31 (Reuters) - Canada's main stock index
advanced on Friday after fresh stimulus measures from the Bank
of Japan drove up most major sectors, while shares of gold
miners slumped with the price of bullion.
    The Japanese central bank expanded its massive stimulus
spending in an admission that economic growth and inflation have
not picked up as much as expected after a sales tax hike in
    The move fueled a surge in the U.S. dollar, sending
the bullion price tumbling. Shares of gold miners dived
yet again, slumping to their lowest in about 13 years.
    The benchmark TSX went through a rough patch in recent
weeks, hit by volatile commodity prices and worries about global
growth. But with Friday's gains, the index has rebounded about 7
percent from an eight-month low it hit two weeks ago.
    "It's Halloween today, but investors don't seem to be
finding the markets scary anymore. And much of this has been
driven by stimulus," said Elvis Picardo, strategist and vice
president of research at Global Securities in Vancouver.
    "It's reassuring to see that we have climbed back a thousand
points from a selloff that was bordering on panic," he said,
referring to the Canadian equity market's recent choppiness.
    "But you've had a big shakedown of the commodity complex,"
he added. "Against that backdrop, it's difficult to see the TSX
make a sustained move upwards." 
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 154.63 points, or 1.07 percent, at
14,613.32. Eight of the 10 main sectors on the index were
    Financials, the index's most heavily weighted sector,
climbed 1.1 percent. Toronto Dominion Bank added 1.3
percent to C$55.47, and Bank of Nova Scotia rose 1.1
percent to C$69.02.
    Shares of energy producers were up 2.1 percent, with Suncor
Energy Inc gaining 2.6 percent to C$40.02.
    The gold-mining sector gave back 4 percent, reflecting a
drop in the bullion price. Barrick Gold Corp shed 2.7
percent to C$13.38, and Yamana Gold Inc tumbled 10
percent to C$4.49.
    "We're finding a real disdain for the miners here... No one
goes unscathed here," said Phil Russo, mining equity analyst at
Raymond James. "But as always in these things, once the dust
settles there's likely opportunities."

 (Editing by James Dalgleish)
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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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