TSX hits 10-1/2 month high on Barrick, U.S. retail data

Tue Jan 15, 2013 5:31pm EST
 

By Solarina Ho

TORONTO (Reuters) - Canada's main stock index touched a 10-1/2 month high on Tuesday, led by Barrick Gold Corp (ABX.TO: Quote) and Goldcorp Inc (G.TO: Quote), which rose on news that their joint-venture Pueblo Viejo gold mine in the Dominican Republic had achieved commercial production.

Stronger-than-expected December retail sales data out of the United States also contributed to the market's sixth straight session of gains. The stronger retail figures were seen as a favorable signal of fourth-quarter growth.

"Today, the positive was the retail numbers out of the U.S. looked pretty good. That sort of carried the market up once they came out," said Brian Pow, vice president, research, and equity analyst at Acumen Capital Partners in Calgary.

Barrick rose 1.07 percent to C$34.03 after the miner said it had achieved commercial production at Pueblo Viejo. [ID:nL2N0AK5U0] The mine, one of the largest new gold projects in the world, is a joint venture with Goldcorp, which rose 1.18 percent to C$36.86.

The materials group, which includes miners and makes up nearly 20 percent of the index, gained 0.56 percent. Gold prices were up 0.7 percent.

Fellow gold miner Kinross Gold Inc (K.TO: Quote) added 2.91 percent to finish at C$9.56 and was among the top five heavyweight gainers. <GOL/>.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 38.88 points, or 0.31 percent, to 12,641.97, its highest close since March 2, 2012. All but two index sectors ended in positive territory.

"Generally, it's a pretty positive mood today," said Pow, adding that the trend would likely be sustainable over the near term.   Continued...

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