* TSX up 105.21 points, or 0.86 percent, to 12,300.23
* Goldcorp jumps 6.89 percent
* Agnico Eagle surges 8.93 percent
* Materials group leads index's rise
By Solarina Ho
TORONTO, Oct 25 Canada's main stock index
finished sharply higher on Thursday as strong results from
miners Goldcorp Inc and Agnico Eagle Mines Ltd,
as well as encouraging global economic data, helped lift stocks
across most sectors.
Goldcorp, Canada's second-biggest gold miner, posted a 48
percent rise in quarterly profit, sending its shares surging
6.89 percent to C$43.60. It was the most heavily weighted riser
on the index.
Fellow gold producer Agnico Eagle was another top gainer,
soaring 8.93 percent to C$55.97 after the company posted record
gold production and boosted its output forecast for the year by
5 percent. The results also led some analysts to hike their
"It's been earnings driven to a large extent, especially in
the materials sector and the solid earnings from the gold
producers," said Elvis Picardo, strategist and vice president of
research at Global Securities.
"The earnings and misses and disappointments have been much
higher on the U.S. side than they have been so far in Canada. We
are beginning to see some appetite once again for the materials
stock and so on, so that's lending support to the TSX."
Goldcorp and Agnico Eagle's results helped boost the index's
materials group, which rose 2.15 percent. Barrick Gold,
Canada's biggest gold miner, was up 2.37 percent at C$39.25.
The Toronto Stock Exchange's S&P/TSX composite index
broke a four-day skid, climbing 105.21 points, or 0.86
percent, to 12,300.23. Eight of the index's 10 main groups were
The energy group was up 0.8 percent, and financials gained
0.35 percent. Together the three sectors make up nearly 75
percent of the index's weight.
Suncor Energy Inc rounded up the top four gainers,
adding 1.28 percent to its value, finishing at C$33.14.
Crude oil prices edges higher after seven straight sessions
of losses, as the threat of Hurricane Sandy to East Coast
gasoline and heating oil supplies lifted markets.
Gold prices rebounded off seven-week lows hit on Wednesday,
bolstered by encouraging GDP growth data from the United Kingdom
and expectations the Bank of Japan will further loosen its
Encouraging jobs and housing data from the United States and
improving conditions out of China, the world's top metals
consumer, also helped sentiment.
"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.
In corporate earnings, Cenovus Energy Inc, Canada's
No. 2 independent oil producer, said its oil production rose to
a record in the third quarter as it continues to expand two
northern Alberta oil sands projects, and profit for the quarter
jumped 43 percent. Shares were up 1.18 percent at C$34.40.
Precision Drilling Corp, the country's largest
drilling contractor, reported a 53 percent slide in quarterly
profit as gas firms cut drilling in the face of weak demand and
sliding gas prices. The results sent shares down 0.53 percent to
finish at C$7.48.
Shaw Communications Inc shares rose 1.76 percent
to C$20.85 after it reported improved operating results as solid
performances by its media and satellite businesses offset a
further decline in cable subscribers.
Corus Entertainment Inc shares were off 0.86
percent to C$22.00 after the specialty television producer
reported a 16 percent fall in fourth-quarter profit on a
one-time tax-related charge.
The consumer discretionary group, of which Shaw and Corus
are a part, finished the session up 1.12 percent.