TSX keeps rally alive on gold miners

Fri May 25, 2012 5:07pm EDT
 
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* TSX ends up 10.40 pts, or 0.1 pct, at 11,576.47

* Energy, gold miners lead gains

* Financial shares fall on Spain, Greek worries

By Jon Cook

TORONTO (Reuters) - Canadian stocks finished in positive territory for the fourth-straight session on Friday, as gains in resource shares offset financial sector losses on fears of a Greek exit from the euro zone and Spanish debt problems.

Seven of Canada's 10 main sectors were higher, fueled by resources gains as gold and oil prices rebounded from lows earlier in the week. <O/R> <GOL/>

Heavily-weighted materials group, which includes gold miners, rose 0.8 percent and the energy sector climbed 0.9 percent.

The most influential gainers included Barrick Gold (ABX.TO: Quote), up 1.8 percent to C$41.24, Yamana Gold (YRI.TO: Quote), which climbed 3.2 percent to C$15.30, Goldcorp Inc (G.TO: Quote), up 1.2 percent to C$38.84, Suncor Energy (SU.TO: Quote), up 1.3 percent at C$28.87, Canadian Natural Resources (CNQ.TO: Quote), which gained 0.9 percent to C$31.70, and Encana Corp (ECA.TO: Quote), finishing 1.6 percent higher at C$21.14.

"The market is oversold enough that you could see a summer rally," said Paul Hand, managing director at RBC Capital Markets.   Continued...

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