TSX posts biggest weekly gain since May
By Jon Cook
TORONTO (Reuters) - Canadian stocks capped their best week in more than two months on Friday, led by mining and financial shares, as expectations central banks would act to shore up the world's economies offset soft domestic and Chinese data.
A weaker-than-expected reading of China's July exports rattled investors and hurt oil and metals prices.
But the troubling data was offset by hopes the Chinese central bank could move soon to ease credit policy.
"We're living under some kind of a dome where all this bad news just bounces right off us," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.
Eight of Canada's 10 main stock sectors were higher. The heavily weighted materials group, which includes miners, pushed the broader index higher, climbing 0.7 percent.
Gold miners led the way as bullion rose in anticipation the U.S. Federal Reserve and European Central Bank will take further steps to boost their economies. <GOL/>
Potash Corp (POT.TO: Quote), the world's top fertilizer company, climbed 1 percent to C$43.16 as corn futures set an all-time high after the U.S. government slashed the size of the crop in the world's top grain exporter. <GRA/> Continued...