* TSX up 122.56 points, or 0.92 percent, at 12,307.58.
* Goldcorp up 4.9 percent
* Materials group leads index's rise
By John Tilak
TORONTO, Oct 25 Canada's main stock index rose 1
percent on Thursday as strong results from miner Goldcorp Inc
and encouraging global economic data helped lift stocks
across all sectors.
Goldcorp, Canada's second-biggest gold miner, posted a 48
percent rise in quarterly profit, sending its shares up 4.9
percent to C$42.78. It was the most heavily weighted riser on
Its results helped boost the index's materials group, which
was up 1.76 percent. The energy group rose nearly 0.75 percent,
and financials were up 0.59 percent. Together the three sectors
make up nearly 75 percent of the index's weight.
The better-than-expected economic data pushed up commodity
prices. Brent crude oil was up around $109 a barrel. Gold
prices rose as well, off seven-week lows hit on Wednesday.
The market's rise was as much a reflection of higher gold
prices as of Goldcorp's results, said Craig Fehr, Canadian
market strategist at Edward Jones. "The rise in gold prices is
helping companies like Goldcorp."
Barrick Gold, Canada's biggest gold miner, was up
2.45 percent at C$39.28.
The Toronto Stock Exchange's S&P/TSX composite index
broke a four-day skid, climbing 122.56 points, or 0.92
percent, to 12,307.58. All 10 of the index's main groups were
"It's a rebound in markets across the board. Investors are
taking a pause, making some profits in some areas and trying to
gauge the next move in the market," said Philip Petursson of the
portfolio advisory group at Manulife Asset Management.
Positive economic data from Britain, China and a commitment
by the U.S. Federal Reserve to stick with its stimulative
monetary policy all helped support shares. [ID: nL5E8LP3ZY]
Britain's recession ended in the third quarter as the London
Olympics boosted quarterly GDP growth to the strongest level in
five years, official data showed. [ID: nL5E8LP6AS]