TSX posts first weekly gain in 8 weeks

Fri Apr 20, 2012 4:35pm EDT
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By Claire Sibonney

TORONTO (Reuters) - Toronto's main stock index ended little changed on Friday but racked up its first weekly gain in eight weeks on improving sentiment about the domestic and global economies.

Performance on Friday was mixed, with six of the 10 in negative territory. On the downside, Barrick Gold (ABX.TO: Quote) fell 1.9 percent to C$39.96, Suncor Energy (SU.TO: Quote) lost 1.4 percent to C$30.99 and Bank of Nova Scotia (BNS.TO: Quote) slipped 0.5 percent to C$54.75.

Key names on the upside included Potash Corp (POT.TO: Quote), up 1.1 percent to C$43.61, Cameco Corp (CCO.TO: Quote), which jumped 4.5 percent to C$22.01, and Enbridge Inc (ENB.TO: Quote), up 0.9 percent to C$39.59.

"We actually outperformed the S&P marginally this week, so all in all it has not been a bad week," said Elvis Picardo, strategist and vice-president of research at Global Securities in Vancouver.

Helping global confidence on Friday, an improvement in German business sentiment countered nervousness about the euro zone debt crisis and solid North American corporate results propelled what has been a mostly positive earnings season.

The encouraging tone in markets started earlier in the week after the Bank of Canada sounded more hawkish than expected, raising its economic growth forecasts for the first three quarters of 2012.

The International Monetary Fund also said global growth is slowly improving as the U.S. recovery gains traction and dangers from Europe recede.

"Both (the Bank of Canada and the IMF) struck a slightly positive note ... both of them gave grounds for encouragement to investors," added Picardo.   Continued...

A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch