TSX edges higher as base-metals miners rise, golds drop

Fri Apr 24, 2015 5:00pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index gained modestly on Friday, rising 0.3 percent on the week, as a jump in base metal miners overcame a drop in gold miners, which were hit by a one-month low in bullion prices.

A rise in heavily weighted financial stocks also helped the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE stay in the green, while losses in oil and gas shares weighed.

"The mining area is the one showing a little bit of get up and go today," said John Kinsey, a portfolio manager at Caldwell Securities Ltd.

With iron ore prices bouncing off multiyear lows, Canada's Labrador Iron Ore Royalty LIF.TO followed its larger global peers higher, up 7.5 percent at C$14.70.

"Some people may think enough is enough and try to put in a bottom here," Kinsey said, referring to iron ore prices.

The most influential gainers on the index included First Quantum Minerals Ltd FM.TO, up 6 percent at C$17.54, and diversified miner Teck Resources Ltd TCKb.TO, which rose 6.3 percent to C$17.45.

The index's overall materials sector was flat, however, as gold miners fell back. Bullion hit a one-month low as strength in global equities markets diverted interest from the precious metal. In the group, Goldcorp Inc (G.TO: Quote) fell 2.4 percent to C$23.14.

The benchmark index ended up 15.98 points, or 0.10 percent, at 15,408.33. Eight of its 10 main sectors gained.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector.   REUTERS/Mark Blinch