TSX roused from three-day fall by U.S. data, IMF remarks

Thu Oct 11, 2012 4:47pm EDT
 
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By Claire Sibonney

TORONTO (Reuters) - Canada's main stock index rose slightly on Thursday, recovering from three days of losses that culminated in a five-week low, encouraged by U.S. employment data and comments from the IMF that were seen as supporting stability in the euro zone.

All 10 of the index's sectors were higher, led by resource-related shares as commodity prices rose. .TRJCRBTR

Among the top advancers, Potash Corp (POT.TO: Quote) was up 2.2 percent at C$41.43, Encana Corp (ECA.TO: Quote) climbed 2.7 percent to C$21.79, and Teck Resources TCKb.TO added 1.6 percent to C$30.39.

Market sentiment was boosted by data that showed U.S. initial jobless claims fell to the lowest level in more than 4-1/2 years.

That report followed a U.S. government report last week that showed a surprising drop in September's unemployment rate to 7.8 percent.

"I think that the tone was set very early in the day with the U.S. initial jobless claims coming in significantly better than expected," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis.

"So a bit of a carry-on from the most recent employment report we got in the States, which is to suggest that conditions, while certainly not the level where most investors would want to see them, are continuing to show modest improvement and that's reflective of continued slow growth in the economy."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 21.53 points, or 0.18 percent, at 12,233.95, which was well off the day's high of 12,295.43 as the TSX tracked Wall Street lower on a drop in Apple (AAPL.O: Quote) shares after a legal ruling went against the company. .N   Continued...

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