TSX climbs on resource price gains, U.S. retail data

Mon Apr 14, 2014 5:17pm EDT
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By Cameron French

TORONTO (Reuters) - Canada's main stock index rebounded from last week's weakness and advanced on Monday as resource prices rose on concerns about instability in Ukraine, while data showed a rebound U.S. retail sales in March.

Five of the 10 main sectors on the Toronto stock market's benchmark index were higher after the index fell to its lowest level in two weeks on Friday on worries about valuations in the U.S. technology sector.

"It's certainly a bounceback after you had such sloppy markets, in particular the U.S. tech and biotech (groups)," said Paul Taylor, chief investment officer at BMO Asset Management.

"Today we're getting a little bit better tone and the data has been supportive."

U.S. retail sales recorded their largest gain in 1-1/2 years in March, data showed, signaling the U.S. economy is rebounding from a weather-induced slumber.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 26.74 points, or 0.19 percent, at 14,284.43.

Resource groups led the way as investors embraced safe haven investments as growing violence between pro-Russian separatists and Ukrainian government forces raised fears that the Ukraine crisis might be spiraling out of control.

Gold prices hit a three-week high, sparking the mining-heavy TSX materials index to a 1.0 percent gain.   Continued...

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