* 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
By Alastair Sharp
TORONTO, Oct 25 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
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.